The situation in the hot rolled coil (HRC) market in the UAE has remained affected by the lingering low demand from end-users and the consequent lack of business activity. “Business here is still extremely slow,” a representative of a major flats mill stated, commenting on the current developments.
Meanwhile, no critical price changes in import HRC offers have been seen in the UAE. Specifically, ex-India boron-added HRC is reported to be available at $620-630/mt CFR, moving sideways compared to the previous levels. The attempts of India-based HRC suppliers to get higher prices in the UAE have as expected failed to yield any results. Furthermore, some Indian HRC suppliers have opted to adopt a wait-and-see stance due to the ongoing uncertainties in the market. “Most mills are not active now in offerings. Fresh offers will be available by the end of next week,” one Indian HRC exporter stated.
Last week, SteelOrbis heard of ex-India boron-added HRC sales, for a total of about 12,000 mt, at $620/mt CFR to Saudi Arabia.
In addition, around 30,000 mt of ex-China HRC have been booked to the GCC region at $640/mt CFR, SteelOrbis has learned.