UAE-based buyers seek lower HRC prices

Wednesday, 24 October 2018 16:56:27 (GMT+3)   |   Istanbul
       

It is observed that no new import hot rolled coil (HRC) purchase in the United Arab Emirates (UAE) market has been made over the past week with demand being at very low levels. Due to sluggish demand, number of import HRC offers to the UAE has decreased significantly. SteelOrbis has been informed that UAE-based buyers have reduced their import HRC purchases significantly due to overstocking as well as the ongoing cash flow problems. Additionally, expectations of a further fall in international HRC prices have been causing UAE-based buyers to postpone their import HRC purchases.

Prices in the limited number of ex-CIS HRC offers to the UAE have continued their downtrend, declining by $12.5/mt week on week to $560-570/mt CFR. Meanwhile, Indian and Chinese HRC offers to the same destination are at $570/mt CFR and $585-590/mt CFR, respectively, though Chinese suppliers are reportedly willing to offer discounts. However, with demand being at very low levels in the UAE, buyers are considering these price levels to be on the high side, seeking for prices at $550/mt CFR.


Most Recent Related Articles

HRC buyers cautious in UAE after closing deals from Asia

Import and domestic HDG prices in UAE move in opposite directions

Two out of three Russian mills not yet active in HRC sales for August

HRC market on hold in UAE

HRC deal prices in UAE pulled down by low demand, high stocks