Although Chinese hot rolled coil (HRC) export offers had softened recently, firmer futures have now led to a slight rebound in prices. Despite this upward shift, Emirati buyers remain focused on lower-priced material, given the relatively slower pace of domestic demand. While some stock-driven purchases were made last week, similar interest has been observed again this week, primarily at the lower end of the price range. UAE re-rollers note that, although demand has improved compared to previous months, the pace of recovery remains gradual. As a result, the latest increase in import prices continues to make buyers cautious about purchasing.
According to sources, China sold several lots to the UAE at $510/mt CFR for November shipment, while current offers for the same shipment month are now quoted at $510-520/mt CFR, compared with $500-515/mt CFR last week.
Although some rebound has been observed in Chinese offers due to firm futures prices, Chinese traders have commented that the general slowdown in demand and the buildup of inventories may inevitably push prices down in the coming weeks.
“Overall, demand for HRC has begun to slow, and inventories are increasing. In the near term, rising stock levels could put pressure on steel prices. Therefore, market trends in the next two weeks will be especially important to watch,” a Chinese trader stated to SteelOrbis
Meanwhile, Indian suppliers have mostly kept their offers stable compared with last week at $530-540/mt CFR for November shipment. Some higher levels of $540-550/mt CFR have also been reported this week, but no buying interest has been seen from Emirati importers at either price range.
“We are offering at the lowest levels we can, but buyers still expect further reductions and are targeting closer to China’s prices, at around $490-500/mt CFR,” a major Indian supplier told SteelOrbis
On the other hand, South Korean mills have shifted focus to their domestic market and other destinations, withdrawing offers to the GCC as weak demand and limited interest persist. Japanese suppliers have also not issued new offers, though market sources reported prices at $515-520/mt CFR for November shipment, almost unchanged from previous levels.
