Being strongly determined to increase their offers further on the back of the global trend, Indian suppliers of hot rolled coils (HRC) to the UAE have resisted giving any discounts. SteelOrbis has been informed of ongoing negotiations with a few Emirati customers for an overall volume of 30,000 mt of HRC at $470-475/mt CFR, for late August-September shipment, while bids have mostly remained in line with the latest bookings, at $440/mt CFR about two weeks ago. “All mills worldwide are increasing their offer prices day by day. We are trying to gain our targeted prices as well,” a representative of an India-based mill stated. “The HRC market is on fire now. Tomorrow we are going to return to the market, starting to offer at not below $470-475/mt CFR,” another Indian supplier said. Last week, offers from Indian mills were voiced at $455-460/mt CFR Jebel Ali, as SteelOrbis reported earlier.
According to sources, South-Korean and Japanese suppliers are taking their time to announce new offers to the UAE. Taking into account the current trend, their offers are expected to be closer to $490-500/mt CFR.