Considering the ongoing decrease in HRC prices from Chinese suppliers, some Emirati buyers in need of stock have shown interest in Chinese material and, according to reports, have purchased some lots over the past week. However, not all Emirati importers have shared this interest, as some remain cautious amid the fluctuating market conditions. Although Emirati buyers continue to show an overall willingness to import, no deals have been reported with Russian suppliers, who had previously been offering at much lower price levels. Meanwhile, other suppliers, such as Japan and India, have chosen to keep their offers stable week on week.
China’s offers for SS400 grade HRC have declined to $490-500/mt CFR for November shipment, compared with $500-510/mt CFR in the previous week. Sources indicated that some UAE buyers purchased lots at around $495/mt CFR.
Meanwhile, Russian suppliers, despite offering highly competitive prices in the range of $480-485/mt CFR for December shipment last week, have not concluded any deals yet, and no new offers have emerged.
On the other hand, Indian suppliers who are currently operating at a slower pace due to holidays have kept their offers unchanged from last week at $515-525/mt CFR for November and December shipments. Similar price stability has also been observed among Japanese suppliers, who in previous weeks sold some lots to the UAE and have maintained their offers at $510-515/mt CFR for December shipment.