Even though Emirati buyers have been showing interest in restocking in recent weeks in order to meet their needs, the overall outlook for the domestic market has remained unfavorable primarily due to slower end-user demand. Meanwhile, suppliers have kept their hot rolled coil (HRC) offers stable compared to last week and no new bookings to the GCC have been reported for this week.
As a result, ex-Japan offers to the GCC have remained stable week on week at $600/mt CFR. Similarly, South Korean suppliers’ HRC offers to the UAE are also unchanged, at $590/mt CFR.
On the other hand, Chinese suppliers are quiet in terms of offers for SS400 this week mainly due to their holiday, with their offers remaining unchanged from the previous week at $570-580/mt CFR to the UAE.
Contrary to other suppliers, ex-India HRC offers to the GCC are still not heard, and, according to Indian exporters, this situation is anticipated to continue for some time given strong demand and improved outlook for the local Indian market.
