This week, buyers in the UAE along with those in Bahrain who are in need of stock have shown increased interest in Indian-origin hot rolled coil (HRC) as an alternative supply source. This shift has primarily been driven by the temporary absence of Chinese suppliers due to the National Day holiday. While Indian mills have succeeded in concluding some sales to both markets, purchasing activity in the UAE has remained cautious, with buyers showing clear resistance to higher price levels. As a result, most deals have been finalized with suppliers offering more competitive pricing. As Chinese suppliers are expected to return to the market tomorrow, October 9, Emirati buyers continue to adopt a cautious stance. Price remains their main concern and many prefer to wait before committing to purchases in anticipation of more favorable offers.
According to market sources, by the end of last week, buyers in the UAE and Bahrain secured approximately 20,000-25,000 mt and 12,000 mt, respectively, of SAE1006 grade HRC at prices around $510-520/mt CFR for end-of-November shipment.
Meanwhile, current offers from Indian suppliers to the UAE are reported in the range of $515-525/mt CFR, for November shipment.
Chinese suppliers, who will return to the market tomorrow following their holiday, had quoted offers at stable levels of $500-510/mt CFR, for November shipments. However, new prices from China are expected to emerge in the coming days.
On the other hand, no new offers have been heard from Japanese suppliers so far this week. Previously, offers from Japan were reported in the range of $510-515/mt CFR.
