Emirati HRC buyers have continued to stock up before the Eid holiday, favoring Chinese material. According to the details of deals, the UAE buyers finalized deals at a price lower than the previous week's higher offers. As a consequence of the insistence on lower levels, as well as the weakening of Chinese future prices, Chinese suppliers have chosen to reduce their offers this week. Meanwhile, due to the upcoming Eid holiday in the GCC, which has resulted in a slowdown in trade activities, other suppliers, particularly Japan and India, have decided to remain silent regarding new offers, keeing offers stable week on week.
According to sources, China has recently sold 30,000-35,000 mt of HRC to UAE tube makers at $477/mt CFR for July shipments. In the meantime, current ex-China offers for SS400 grade for July shipments have softened by $5-10/mt to $480-490/mt CFR UAE.
Furthermore, according to sources, the ex-China price for SAE1006 grade HRC stands at around $500/mt CFR UAE.
On the other hand, Japanese and Indian suppliers have maintained their prices from last week, offering at $505-510/mt CFR and $540-550/mt CFR, respectively.
