Emirati HRC buyers have remained cautious in their purchasing activity over the past week due to ample stock availability and resistance to higher import HRC prices. However, toward the end of the week, some buyers moved forward with purchases after securing more favorable price levels from Chinese suppliers, just before China entered its holiday period. At the same time, while several suppliers kept their offers stable, Indian suppliers chose to lower their prices further in an attempt to attract buyers, though no deals have been finalized yet. According to market participants, demand in the UAE is gradually improving, supported by ongoing construction activity, which is expected to strengthen further with the onset of the winter season.
According to reports, China sold around 30,000-35,000 mt of HRC to the UAE at $500/mt CFR for November shipment, while current offers from China stand at $500-510/mt CFR, for the same shipment period.
Indian suppliers, on the other hand, have decided to be more aggressive on pricing and have reduced offers compared to last week, but no deals have been achieved yet. Reports indicate that offers are at around $515-525/mt CFR, down from $525-535/mt CFR, for November shipments.
Meanwhile, Japanese and Taiwanese suppliers decided to keep their offers stable from last week at $510-515/mt CFR and $500-505/mt CFR, respectively, both for November shipments. However, no new deals or fresh offers have been reported this week.