Given the weak local demand and volatile HRC import offers, particularly from China, Emirati purchasers have remained mute on purchases this week, preferring to monitor the market movements. Despite the general slowdown in the GCC market for imported HRC, a few Indian suppliers have chosen this week to offer HRC to the GCC, but no deals have been achieved.
According to reports, this week ex-China offers for SS400 HRC for October shipment have decreased by $5/mt to $490-505/mt CFR UAE. Despite Chinese suppliers' slight price reductions, lower levels are possible, according to UAE sources, with some buyers hearing offers at around $480-485/mt CFR.
Meanwhile, major Indian mills have in general continued to state that they will not offer HRC to the UAE, preferring instead to concentrate on their local market because of the lack of interest from Emirati buyers. However, according to sources, this week some other Indian suppliers have offered HRC to the GCC at $540-550/mt CFR.
Japanese suppliers, on the other hand, have kept their offers stable week on week at $500/mt CFR for October shipment.
