The anticipated recovery in import hot rolled coil (HRC) demand in the United Arab Emirates (UAE) has not materialized over the past week with purchases being at low levels. Nevertheless, import HRC offers to the UAE have increased in the given week.
No new offer from China to the UAE has been heard in this period due to Chinese New Year holiday, though Chinese suppliers are expected to increase their HRC export offers after the holiday. On the other hand, CIS-based producers, who have not been active in offering HRC imports to the UAE for some time now, are expected to give offers for April output in the near term. Currently, Indian HRC exporters continue to give HRC offers to the UAE, with their prices increasing to around $530-540/mt CFR.