Considering the continuing slowdown in domestic business activity due to Ramadan, as well as the ongoing uncertain downward trend of Chinese HRC offers, Emirati customers have remained silent in terms of buying imports.
“The market is extremely slow, so trading is quiet here, but buyers are anticipating more price drops," a representative of a major re-roller told SteelOrbis.
Although most Emirati buyers anticipate an overall decrease in import offers and a near match to Chinese offers, this week's HRC offer levels, particularly from India, have remained high despite a minor decline. South Korean suppliers, on the other hand, have returned to the market and have begun to offer to the UAE, but seeking higher prices, which appear to be unrealistic at this moment.
Over the past week, ex-India quotes for SAE1006 HRC have dropped by $10/mt to $600-610/mt CFR for shipments in late April and May.
In contrast, Chinese suppliers' offers for May shipping remain unchanged week on week at $550-570/mt CFR.
Furthermore, market players report that throughout the week ex-Japan offers to the UAE have been at $620/mt CFR, while offers from South Korean suppliers have been heard at $640/mt CFR for May shipment.
