Given the approach of the holiday at the end of Ramadan, the majority of Emirati buyers who replenished in previous weeks have chosen to keep quiet in terms of imports as local market demand continues to slow down. However, certain UAE purchasers in need of stocks have continued to prefer ex-China materials during the past week. In the meantime, import offers remain stable as trading activity in the GCC begins to decline. Trade will likely return to normal by the end of next week.
According to reports, China recently sold around 10,000 mt of SS400 HRC for end of April shipment to the UAE at $495/mt CFR. The current offers ex-China to the UAE for SS400 HRC are stable week on week at $495-505/mt CFR, though certain traders are offering higher levels at $510/mt CFR.
Stability has also been seen among Indian suppliers, with offers this week at around $520-530/mt CFR for shipment at the end of April and in May.
Furthermore, Japanese and Taiwanese suppliers have kept their offers for May shipment unchanged from last week at $520/mt CFR and $525-530/mt CFR, respectively. However, according to sources, lower levels are available from Japanese and Taiwanese suppliers for serious buyers at $510/mt CFR and $520/mt CFR, respectively.