It is observed that import hot rolled coil (HRC) prices in the United Arab Emirates (UAE) have increased in parallel with the rises seen in global HRC quotations against the backdrop of accelerated global demand. As a result, import HRC offers to the UAE have increased by $20/mt on the lower end and by $15/mt on the upper end week on week to $635-660/mt CFR. Additionally, market sources report that demand for import HRC in the UAE has increased during the past week as well as the price inquiries made for import HRC.
While no new Chinese HRC offer to the UAE has been heard over the past week, ex-China offers heard last week were at $645/mt CFR. On the other hand, CIS-based producers have raised their HRC export prices amid the accelerated demand received from both domestic and export markets. Accordingly, ex-CIS HRC offers to the UAE have moved up by $20/mt week on week to $635-640/mt CFR. Having given their previous HRC offers to the UAE in the first week of June, Turkish mills’ new HRC offers are now at $660/mt CFR.