This week, trade activity in the GCC for the hot rolled coil (HRC) imports has become lively, as import offers, mostly from China, have been declining slowly. As a result, certain lots have been bought by Emirati and Omani purchasers whose stock levels are low, even though end-user demand notably in the local market in the UAE has yet to increase and domestic trade remains limited.
“Demand is still low in the UAE but a couple of tube makers and re-rollers are in the market with inquiries,” an exporter told SteelOrbis
According to reports, this week China has sold 15,000 mt and 27,000 of HRC to Oman and the UAE, respectively, at around $550/mt CFR for August shipment. Meanwhile, recent SS400 offers from Chinese suppliers to the UAE have been reported at $550-560/mt CFR, down from $550-565/mt CFR before.
On the other hand, while the majority of Indian suppliers do not supply to the UAE and instead are focusing on their domestic market, South Korean and Taiwanese suppliers continue to offer HRC at about $590-595/mt CFR to the UAE.