With demand in the United Arab Emirates (UAE) hot rolled coil (HRC) market increasing over the past week, import HRC prices have also moved up, rising by $20/mt on the upper end week on week to $540-560/mt CFR.
Last week, Chinese HRC offers to the UAE were observed to increase to $555-560/mt CFR. Market sources state that HRC purchases in the UAE are lively, with buyers purchasing large tonnages of ex-China HRC. Meanwhile, Indian exporters’ HRC offers to the UAE have increased by $10/mt week on week to $540-550/mt CFR.
Market sources state that HRC demand in the UAE is rising slowly but gradually. As a result, no fall in import HRC prices for the UAE market is expected in the short term.