It is observed that import hot rolled coil (HRC) demand in the United Arab Emirates (UAE) has remained at low levels during the past week as purchases have mostly been postponed, while no new import HRC deal in the UAE has been heard in this period apart from the ones concluded in line with needs. Cash flow problems are still experienced in the market and no signal of a recovery as regards HRC purchases is observed. SteelOrbis has been informed that a Brazilian producer has concluded a sale to the UAE for HRC at $585/mt CFR Dubai in the given week, though this transaction was reportedly one of the regular sales, hence was not perceived as an indicator of a demand revival.
Following the HRC offer from an Indian mill to the UAE at $600/mt CFR Abu Dhabi last week, Indian HRC producers have decreased their offers to the UAE to $590/mt CFR. Meanwhile, Chinese HRC offers to the UAE are currently at $600-610/mt CFR, while market sources report that most of the offers in question are closer to the lower end.
No ex-CIS HRC offer to the UAE has been heard over the past seven days, while market sources state that an Ukrainian mill has concluded a sale to the UAE for S275 grade HRC at $608/mt CFR.