Over the past two weeks, import hot rolled coil (HRC) offers to the United Arab Emirates (UAE) have continued to move downwards, while demand has remained weak due to the year-end and market expectations that prices will continue to decrease. Recent ex-CIS HRC offers to the UAE have been recorded at $490/mt CFR, down from the price level of $505/mt CFR two weeks ago. Meanwhile, ex-China HRC offers to the country have remained unchanged in the given period at $520-525/mt CFR; though Chinese suppliers are willing to increase their prices slightly in the coming period, according to market sources. In the same period, ex-India HRC offers to the UAE decreased from $530-535/mt CFR to $490-510/mt CFR and some deals below $500/mt CFR have been heard. According to market sources, the declines in Indian HRC quotations are due to the desire of Indian suppliers to reduce the pressure from their high inventories and to increase their sales to Gulf countries.