This week, Emirati buyers have been silent in terms of buying hot rolled coil (HRC) imports, mainly due to the holidays. Since there has been no trading activity in the market and local demand has been low during the week, the majority of import offers have remained unchanged. However, due to some optimism amid increases in futures prices in China, with the end of the holiday period in the UAE prices are projected to rise somewhat, particularly from China.
Over the past week, Chinese suppliers' SS400 HRC offers to the UAE are unchanged week on week at $520-530/mt CFR for January shipment. Most Indian suppliers have opted to maintain HRC offers to the UAE unchanged week on week at $550-560/mt CFR.
Meanwhile, Japanese and Taiwanese suppliers, who had sold lots to the UAE at $530-540/mt CFR in recent weeks, are still not making any offers to the UAE since trade activity there remains low.
