Amid sustained domestic demand, Emirati buyers actively replenished their HRC stocks toward the end of last week, securing significant volumes from Japanese and Taiwanese suppliers. While no new deals have been reported so far this week, buyers in the UAE are evaluating emerging offers as the market becomes more competitive. Russian suppliers have re-entered the market with notably low-priced offers, intensifying price competition, while Chinese mills continue to maintain stable pricing, though their offers remain at the lower end of workable ranges.
According to market sources, Japanese suppliers sold approximately 25,000 mt to UAE pipe manufacturers at $515/mt CFR for end-of-November shipment during the past week. Presently, HRC offers from Japan to the UAE stand within the range of $510-515/mt CFR.
Similarly, Taiwanese suppliers concluded a deal with UAE buyers last week, selling certain lots at $510/mt CFR for end-of-November shipment, broadly in line with previous offer levels.
Meanwhile, Chinese suppliers have largely maintained stable offer levels compared with the prior week. However, with most quotations situated near the lower end of workable ranges, no transactions have been finalized during the current week. Consequently, Chinese offers remain at $500-510/mt CFR for end-of-November and December shipment.
On the other hand, Indian suppliers who previously sold sizable volumes to buyers in the UAE and Bahrain have not finalized any new deals this week and continue to maintain stable offer levels. Current market indications remain at $515-525/mt CFR for November and December shipment. Higher indications in the range of $525-535/mt CFR have also been reported; however, these levels are unlikely to garner significant buyer interest.
Moreover, according to sources, Russian suppliers have re-entered the market this week with highly competitive offers to the UAE, reported at around $480-485/mt CFR for December shipment.