This week, the UAE market has experienced a noticeable slowdown in hot rolled coil (HRC) purchasing activity, as many buyers report having sufficient stock levels and see no immediate need for additional bookings. According to market participants, overall local demand has eased slightly compared with last week, partly due to the upcoming UAE holiday period, which is prompting some buyers to delay new procurement. Despite the general slowdown, a few small-volume HRC purchases have still been heard from Chinese suppliers, though overall trading activity remains limited. Meanwhile, suppliers’ offers have shown little movement, with most mills keeping their price levels stable amid the quieter market sentiment.
As a result, recently Chinese suppliers have sold small lots to the UAE at $480/mt CFR, while SS400 offers have remained mostly stable at $480-495/mt CFR for December-January shipment. Non-VAT traders continue to represent the lowest levels at $480-485/mt CFR, whereas Chinese mills are offering slightly higher prices in the $490-495/mt CFR range.
Indian suppliers, on the other hand, have lowered their offers by another $5/mt this week to $500-510/mt CFR for January shipment. However, they remain quiet in terms of concluded deals, with limited interest from UAE buyers. Market sources note that one major Indian mill is focusing on the lower end at $500-505/mt CFR, while another larger producer is targeting the highest achievable levels within the range.
Meanwhile, Japanese suppliers have kept their offers mostly stable at $495-500/mt CFR over the past week. Reports suggest that, for February shipment, Japanese suppliers have begun securing orders at around $505/mt CFR, though buyers negotiating have managed to achieve slightly lower final levels around $495/mt CFR.
