Amid weak sentiments in the domestic hot rolled coil (HRC) market amid low demand from end-users and slower construction due to the extreme summer heat, the majority of Emirati buyers have preferred to postpone their purchases, with no deals being heard in the UAE during the past week.
Ex-China SS400 offers to the UAE have remained stable week on week at $580-590/mt CFR for August shipment. However, according to sources, some Chinese suppliers are offering at around $570-575/mt CFR. Indian suppliers' HRC offers to the UAE have also remained stable, at $600-620/mt CFR for August shipment.
On the other hand, South Korean and Japanese suppliers have not been offering HRC to the Emirates this week, mainly due to the slower trading activity in the GCC market.