In contrast to other customers, Emirati re-rollers have shown significant interest in ex-India hot rolled coil (HRC) lately. Specifically, within the past two weeks about 80,000 mt of ex-India HRC were booked to the UAE, but within quite a wide price range, SteelOrbis has learned from market sources. While most transactions (for 65,000 mt of HRC in total) were done at $975-980/mt CFR, one supplier is said to have been more aggressive. According to sources, around 12,000 mt of HRC was traded to the UAE at $950-960/mt CFR. It is noteworthy that initially India-based suppliers tested the Emirati market with offers at $990-1,000/mt CFR.
Ex-China material has remained mostly unattractive due to the continuing uncertainty regarding China’s export tax. “It is unreasonable for customers to take risks unless the prices are much lower,” a regional trader commented with regard to the current situation. Ex-China HRC is said to be available at not lower than $970/mt CFR.