Following Ramadan, demand for hot rolled coil (HRC) imports in the United Arab Emirates (UAE) has started to recover and import HRC offers to the country have increased by $30/mt on the lower end and by $25/mt on the upper end to $615-645/mt CFR as compared to price levels two weeks ago.
Having increased their HRC quotations for Turkey this week, CIS-based mills have also increased their prices for the UAE market. Accordingly, ex-CIS HRC offers to the UAE, which were at $585-600/mt CFR two weeks ago, have moved upwards and are now at $615-620/mt CFR from Ukraine and at $615/mt CFR from Russia. Meanwhile, Chinese HRC offers to the UAE have increased by $30/mt over the same period to $645/mt CFR, though Chinese exporters are not so active in the market and are only giving a few offers.