Although Emirati end-users have not yet shown any interest regarding purchases, the ongoing declines in hot roll coil (HRC) import offers have caught the attention of some Emirati buyers, resulting in purchases of some modest lots in the past couple of weeks. Nevertheless, others are still hesitating to buyer due to the unfavorable local sentiments.
“Import offers have been falling, but unfortunately business activities in the domestic market have remained very slow,” one trader told SteelOrbis.
Over the past week, Indian mills have maintained their previous offers of around $625-630/mt CFR for June shipments, whereas lately there were some rumors in the market that ex-India HRC has been sold in small lots at about $605/mt CFR. However, according to an Indian mill, this is not a direct sale from a producer but rather from a trader for a previously purchased lot.
Meanwhile, ex-China offers from traders and mills have continued to differ. Currently, traders' offers have remained stable at around $570-575/mt CFR, while mills' offers have decreased by $5/mt to $605-610/mt CFR, for June-July shipment.
Furthermore, ex-Japan offers to the UAE have fallen to $610/mt CFR from $620-630/mt CFR two weeks ago.