Import HRC offers to UAE decrease amid weak demand

Wednesday, 15 August 2018 14:58:02 (GMT+3)   |   Istanbul
       

Over the past week, demand for import hot rolled coil (HRC) in the United Arab Emirates (UAE) has remained slack as buyers have concluded deals only to meet their immediate needs. As the tension between the US and Turkey impacts global markets, sharp depreciation of Turkish lira against the US dollar seems to spread to other developing countries’ currencies such as Indian rupee and South African rand. Therefore, Indian producers are having difficulties in determining their HRC quotations to the UAE due to the weakening of rupee against dollar and their price offers are being sustained maximum one day, changing subsequently. Ex-India HRC offers to the UAE, which were at $610-620/mt CFR last week, are not at $600-615/mt CFR, while Indian mills are also willing to close deals at $595/mt CFR. Meanwhile, Chinese HRC offers to the UAE are at $610/mt CFR and ex-CIS HRC quotations to the UAE are at $580/mt CFR. As a result, import HRC offers to the UAE are currently at $580-615/mt CFR.


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