Following long negotiations with foreign suppliers of hot rolled coil (HRC), UAE customers have finally signed a few contracts. According to sources, the total volume is at least 60,000 mt.
Accordingly, SteelOrbis has learned of the most recent ex-India HRC bookings at $480-485/mt CFR UAE, with negotiations being started at $470-475/mt CFR in the middle of July. One Indian supplier is said to have withdrawn offers to the UAE, planning to increase prices further, while the second Indian supplier is already testing the market with higher prices, having announced fresh offers at $500/mt CFR.
The most recent offers for ex-Japan HRC were heard last week at $510/mt CFR.
According to market sources, the regional producer Hadeed has no export allocation for October production, amid the solid demand in its local market. The most likely scenario is expected for November production material. “They are close to $560/mt CPT in the Saudi Arabian market, and so there is no interest in exporting,” a representative of a GCC-based pipe mill told.