Assuming that import prices for hot rolled coil (HRC) will only go up further, UAE-based customers have not stopped booking material. SteelOrbis has learned of the most recent booking done by an Emirati re-roller for around 25,000-26,000 mt of ex-India HRC at $525-527/mt CFR, which is at least $40/mt higher than the deal prices in the previous buying cycle at the beginning of August.
In the meantime, foreign HRC suppliers do not appear to have any reasons to take a backward step on prpices. “We are not in a hurry to sell to export destinations, being sufficiently supported by demand from local customers. Hence, an extra couple of dollars to the current offers [compared to the last deals] has already been applied”, a representative of an India-based mill commented.