This week, Emirati buyers have continued to show hesitation as regards concluding new import bookings, but market participants report that interest remains present, and purchasing activity is expected to improve in the coming days. While some unconfirmed small-lot sales from China to the UAE have circulated as market rumors, Indian suppliers, supported by stronger buyer interest, further reduced their offers and succeeded in concluding deals at lower levels by the end of last week. Japanese suppliers have also adjusted their offers downward, although no confirmed sales have been reported over the same period. According to sources, following the long UAE holiday, buyers remain cautious and are closely monitoring price movements before finalizing any agreements. Despite the ongoing evaluation process, interest in imports continues, even as local demand, though still healthy, is moving at a slightly slower pace.
As a result, this week Chinese suppliers have slightly reduced their SS400 HRC offers to the UAE by about $5/mt, now standing at $485-500/mt CFR. However, according to sources, some small lots have been sold at even lower levels, around $475-480/mt CFR, for January shipment.
Indian suppliers have also decreased their prices, with current offers reported at $490-505/mt CFR for January shipment, compared with $500-515/mt CFR last week. As prices have softened, interest from Emirati buyers has increased, and toward the end of last week roughly 15,000 mt was booked at $505/mt CFR for January shipment.
Japanese suppliers, meanwhile, have adjusted their offers downward as well, although no new deals have been concluded. Their January shipment offers have been reduced by $10/mt week on week and are now reported at $485-490/mt CFR.
