The resistance of Emirati end-users to accepting higher prices for finished steel products has made hot rolled coil (HRC) importers more cautious in new bookings. Accordingly, they have been purchasing only to meet their consumption needs. Meanwhile, HRC suppliers are reluctant to take a backward step on prices, given the global uptrend.
Current ex-India HRC offers in the UAE, for November shipment, are mostly voiced at $540-545/mt CFR, unchanged compared to the previous week. “Mills are pushing prices up. However, the market is not accepting... There has been nothing new at all this week,” an Indian supplier stated, commenting on the current situation. Meanwhile, ex-China SS400 HRC is available at $535/mt CFR, according to sources. “Demand has been tepid here lately. With such high prices, almost no deals,” an Emirati source told SteelOrbis.
HRC offers from the regional producer Hadeed, for November shipment, are reportedly at $550-560/mt CPT, with no deals fixed by the time of publication.