Even though trade in the UAE remains insufficient, with the majority of Emirati buyers still hesitating to buy, this week some purchasers in need of stocks have continued to prefer ex-Japan for HRC. According to market players, demand for galvanized steel is particularly low when compared to the usual levels of HRC demand.
“Currently, offer prices for HRC are increasing, but local demand remains slow, particularly for galvanized steel, so there is not much going on in terms of trading,” an Emirati re-roller told SteelOrbis.
As a result, according to reports, this week Japan sold around 25,000 mt of HRC to the UAE at $590/mt CFR for June shipments.
In the meantime, ex-China offers have kept rising due to the lack of non-VAT traders. Offers for SS400 have increased by $10/mt over the past week, reaching $570-585/mt CFR for shipments in May and June. In addition, according to sources, China sold 12,000 mt of HRC to Oman at roughly $570/mt CFR at the end of last week.
On the other hand, while India is still not active in the UAE, South Korean suppliers have decided to offer HRC to the UAE at $610-620/mt CFR for June shipments.