Notwithstanding end-user demand being limited due to Ramadan, UAE buyers, whose stockpiles have been reduced, have chosen to buy only in minimal tonnages since ex-China import prices have weakened.
The latest SS400 offers from China to the UAE have been set at $680-700/mt CFR for May shipments, down $10/mt over the past week. According to sources, a 5,000-10,000 mt deal has been done this week for 3 mm HRC at $685/mt CFR. The previous deal for 7,000 mt was closed at $720/mt CFR, but for 2-2.5 mm S235JR material, sources reported.
Meanwhile, a majority of Indian mills have not yet made any offers in light of the bearish trading activities in the UAE and better business activities in alternative markets, such as the EU. Rare offers in the UAE have been maintained at $745-750/mt CFR for shipments in late May or early June, but this level is not considered workable. However, according to some sources, some sellers are ready to deal at $735-740/mt CFR.
Moreover, ex-Japan offers for Q235B of 3 mm and higher have been reported at $690/mt CFR for May shipments, whilst South Korea continues to refrain from offering owing to the poor mood in the UAE.