This week, Emirati buyers have continued to restock with HRC, with purchasing activity mainly observed from Indian and Japanese suppliers. While import activity has continued, domestic demand in the UAE has remained relatively slow, limiting the urgency for large-volume purchases. Nevertheless, the regional market remains well supported by ongoing construction activity and strong fundamentals across the GCC. At the same time, the exit of non-VAT traders from the Chinese market has reduced price disparities among origins, bringing most offers to similar levels. With prices now largely aligned across suppliers, Emirati buyers have adopted a cautious, need-based purchasing approach, prioritizing supply reliability and logistical convenience rather than rushing to secure volumes.
As a result, a deal for ex-Japan HRC has been concluded in the UAE this week for around 15,000 mt at $490/mt CFR for March shipment, while Japanese offers to the UAE have remained at $490-495/mt CFR.
Another deal has been reported from Indian suppliers. According to sources, the latest Indian deal involved approximately 30,000 mt of HRC sold at $490-495/mt CFR to the UAE for February shipment, with shipment expected shortly. Meanwhile, several Indian suppliers have started negotiating new deals at around $500/mt CFR, aiming to achieve a slight price increase, although most offers heard in the market remain at $490-495/mt CFR to the UAE.
In contrast, Chinese suppliers have seen a noticeable decline in interest following the exit of non-VAT traders, as their pricing advantage has largely disappeared, with offers aligning with other origins. Consequently, Chinese HRC offers have remained unchanged week on week at $490-505/mt CFR to the UAE for February shipment.
