This week, Emirati buyers have remained relatively silent in terms of HRC import activity, as their strong purchases from Asian suppliers in the previous weeks has reduced the urgency for new bookings. On the offer side, most suppliers have kept prices stable compared with last week. Some Chinese mills have attempted slight increases following the rise in futures prices, though these efforts have had limited effect, as non-VAT traders continue to present more competitive lower offers. Sources indicate that, although discussions are ongoing between Chinese suppliers and buyers in the UAE and other GCC countries, concerns over continuing logistical delays are causing buyers to remain cautious. Meanwhile, market participants report that local demand in the UAE has begun to improve with the start of the winter season, as project activity progresses. Demand is still somewhat slow, but is considered acceptable for this period.
As a result, Chinese suppliers’ SS400 offers have remained mostly stable this week at $480-495/mt CFR UAE for December shipments. Non-VAT traders continue to present the lowest levels at $480-485/mt CFR, while Chinese mills are offering slightly higher prices in the range of $490-495/mt CFR.
On the other hand, Indian suppliers who recently sold several lots to UAE buyers at $505-510/mt CFR have also kept their offers unchanged for December shipment.
Similar stability has been observed from Japanese suppliers, with December shipment offers maintained at $495-500/mt CFR over the past week. However, sources indicate that for January shipment Japanese mills are considering higher offers at $515-520/mt CFR, though, given the current market outlook, these levels appear too high and are unlikely to be accepted.
