Since trade in the UAE domestic HRC market has remained strong, Emirati customers who need to restock have continued to purchase some lots over the past week. Although most Emirati buyers still prefer Chinese and Indian materials, it is anticipated that Indian suppliers will be busier in the coming days due to the approach of the holidays in China. Meanwhile, South Korean suppliers, who have noticed an uptick in GCC trading activities, started making offers earlier in the week.
As a result, UAE buyers purchased around 15,000 mt of SS400 this week at $615-620/mt CFR, while current offers from Chinese suppliers remain unchanged from the previous week at $590-600/mt CFR UAE for March shipment, with some traders offering higher prices at $610-620/mt CFR. On the other hand, SAE1006 offers are still at $620/mt CFR, unchanged from the previous week.
Furthermore, this week, Emirati purchasers bought two different lots from India for February shipment of roughly 8,000 mt and 20,000 mt at $635-640/mt CFR and $640/mt CFR, respectively. Meanwhile, this week's offers from Indian suppliers have been at $635-645/mt CFR.
South Korean exporters, having previously been reluctant to offer to the UAE, have chosen to reconsider now that the GCC’s imports have increased this month. According to reports, South Korea has offered at $670/mt CFR to the UAE for March shipment, though the price is too costly for Emirati purchasers given the current market pricing.
