During the past week, import hot rolled coil (HRC) offers to the United Arab Emirates (UAE) have declined by $15/mt on the lower end and by $5/mt on the upper end to $585-615/mt CFR.
Ukrainian HRC offers to the UAE have decreased further by $15/mt week on week to $585/mt CFR, while Chinese HRC offers to the same destination are currently at $610-615/mt CFR. On the other hand, market sources report that Russian and Indian HRC deals have been concluded in the UAE over the past week at $600-615/mt CFR.
Being in the middle of Ramadan, market players in the UAE HRC market are not very active, and they prefer to stand back and just monitor the market for now. Although market players expect a fall in import HRC prices in the coming period, the decreases are not expected to be significant.