This week, Emirati buyers have continued to make limited HRC purchases, with Indian material emerging as the preferred option. However, overall trading activity has remained restrained, as import prices across all origins have stayed largely unchanged. While UAE buyers continue to target lower price levels, suppliers have shown little willingness to reduce offers. On the contrary, the exit of non-VAT Chinese traders has removed lower-priced material from the market, allowing general price levels to remain firm within the current range. As a result, UAE buyers have become more selective at these levels, focusing mainly on securing required volumes rather than expanding their positions.
According to reports, a deal for ex-India HRC has been concluded in the UAE this week for around 20,000 mt at $490-495/mt CFR for end-of-February shipment, while Indian offers to the UAE have remained at $490-495/mt CFR, unchanged from last week.
Meanwhile, offers from Chinese suppliers have increased over the past week, with current quotations reported at $500-505/mt CFR, up from $490-505/mt CFR, for March shipment. However, some sources indicated that, for larger volumes, levels as low as $495/mt CFR have been heard in the market, although no deals have been concluded at these levels so far.
On the other hand, Japanese and Taiwanese suppliers have kept their March shipment HRC prices stable week on week at $490-495/mt CFR and $495-500/mt CFR, respectively.
In addition, Russian material, despite being subject to sanctions, has been heard in the GCC market this week at around $475-485/mt CFR.
