Considering the recent softening in Chinese hot rolled coil prices driven by declines in futures prices and weaker demand, Emirati buyers have begun to show interest in HRC imports, though at a measured pace. Market activity in China so far in September has remained uncertain, reinforcing expectations of further downward adjustments. As a result, UAE buyers are not in a rush to secure imports. Meanwhile, other suppliers have either maintained stable offers or withdrawn them, while closely monitoring market trends but with limited success in concluding sales.
According to market sources, China has lately sold some lots to the UAE, estimated at 20,000-25,000 mt, at around $513/mt CFR for end-of-October shipment, although the deals remained unconfirmed at the time of publication. Current SS400 offers from China are reported at $500-515/mt CFR, compared with $510-515/mt CFR for end-of-October and November deliveries last week.
On the other hand, Indian mills, despite observing weaker buying interest due to the more competitive Chinese prices, have chosen to maintain their offers unchanged at $530-540/mt CFR for November shipment.
Japanese suppliers have also refrained from adjusting offers, keeping their levels at $510-520/mt CFR for November shipment, although some market participants noted that serious buyers have been able to negotiate prices closer to $500/mt CFR.
Meanwhile, South Korean and Taiwanese suppliers have decided to withdraw their offers altogether, acknowledging both the downward trajectory of the market and the lack of interest from buyers at higher levels.
