With the conclusion of the holidays and the resumption of market activity, Emirati purchasers in need of stocks have decided to purchase some hot rolled coil lots towards the end of the week. According to market information, Emirati customers have preferred Chinese and Japanese material since they are among the most affordable in the market.
Consequently, China has sold 30,000 mt of HRC at $515-520/mt CFR for January shipment to the UAE, even though Chinese offers for SS400 grade HRC are still at around $520-530/mt CFR.
Additionally, according to reports from sources, Japanese suppliers have sold 10,000 mt to the UAE at $540/mt CFR, which is comparable to prices in earlier deals. However, this information has not been officially confirmed by the time of publication.