Over the past week, producers in the United Arab Emirates (UAE) market who import hot rolled coil (HRC) for processing have postponed their import HRC bookings since demand from end-users has been slack. As a result, trading activity for import HRC market in the UAE has been slow. Meanwhile, HRC offers to the UAE from international markets have mostly remained unchanged week on week.
In the given period, CIS-based HRC producers have continued to decrease their export prices, with their price offers to the UAE now at $550-565/mt CFR, the lowest import HRC offer levels at present as compared to prices from other suppliers.
Meanwhile, Chinese suppliers’ HRC offers to the UAE have remained stable at $560-570/mt CFR week on week, while no new price offers have been heard from Indian producers, whose price offers were at $570-575/mt CFR in the previous week. According to market sources, buyers are still exerting downward pressure on Indian HRC producers’ export quotations, though Indian mills are finding it difficult to conclude export deals as their offers are still high compared to price offers given by other suppliers.