UAE-based buyers continue to exert pressure on import HRC prices

Wednesday, 10 October 2018 17:13:56 (GMT+3)   |   Istanbul

Over the past week, hot rolled coil (HRC) demand in the United Arab Emirates (UAE) has remained weak and buyers have continued to postpone their bookings. Although HRC offers to the country from foreign suppliers have softened, there are few buyers in the market. Although their inventories are at low levels, UAE-based buyers are continuing to postpone their bookings and are exerting additional pressure on prices, amid their expectation that import HRC offers to the country will decrease in the coming period. This week, Indian producers’ HRC offers to the UAE have decreased to $575-580/mt CFR from last week’s $580-590/mt CFR. While Chinese suppliers have returned from their National Day holiday this week, no Chinese HRC offers to the UAE have been heard yet.

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