The softening trend of Chinese suppliers' hot rolled coil (HRC) offers has continued this week, and so Emirati purchasers who had previously restocked have chosen to wait and observe the market instead of making purchases. In the meantime, Japanese suppliers have continued to give stable offers, while South Korean and Indian mills, observing the slow trading activity in the UAE, are not giving offers but are instead focusing on their local markets.
As a result, whereas earlier HRC deals were in the range of $535-540/mt CFR for August shipment, China HRC offers for September shipment have dropped by $5/mt week on week to $530-535/mt CFR to the UAE. Nonetheless, Emirati re-rollers report that a few Chinese suppliers continue to provide HRC at about $540/mt CFR, although this price appears difficult given the current market trend in China.
Japanese suppliers, on the other hand, have kept their offers of $550/mt CFR for September shipment, unchanged from last week.