Emirati buyers have slowed down HRC import activities as offer prices continue to increase. The upward trend has continued this week from Chinese suppliers, with Japanese price levels indicating a similar trend. As a result, Emirati buyers are still not keen to accept higher offers and have reduced restocking activity. According to market players, many UAE buyers had previously purchased significant lots and currently have sufficient stocks. For now, they are keeping an eye on the market and may prefer to deal with non-VAT Chinese traders in the coming period. Meanwhile, in the UAE domestic market, demand remains slower due to the summer period, while buyers’ expectations are leaning toward lower price levels.
Over the past week, offers from Chinese suppliers have risen to $485-495/mt CFR UAE, up from $480-490/mt CFR, for September shipment. Similarly, offers from non-VAT Chinese suppliers have increased slightly from $470-475/mt CFR to $470-480/mt CFR compared to the previous week.
Japanese suppliers have also increased prices. After selling some lots to the UAE last week at $480-485/mt CFR, this week’s offers have been quoted at $490-500/mt CFR for September shipments.
On the other hand, Indian suppliers are still not very active in the GCC market and remain the highest in terms of offer levels, which is why they are not getting much attention from GCC buyers. Current offers from India stand at $480-500/mt FOB, equivalent to around $515-535/mt CFR GCC.
Meanwhile, no offers have been seen from Russia and South Korea this week. Previously, Russian offers were at $450-460/mt CFR, and South Korean offers were at $510-515/mt CFR, for August and September shipments. However, according to reports, Russian suppliers are expected to raise prices by roughly $10/mt for fresh offers in the coming weeks.