Amid the ongoing low business activity in the local UAE local market, last week Emirati buyers in need of stocks took advantage of the downtrend of Chinese HRC offer prices and purchased some lots but not in large amounts. However, this week, while no purchases have been reported, some Chinese and Japanese suppliers have begun to increase their offer prices.
According to reports, China had earlier sold some lots to UAE-based tube producers at about $520/mt CFR for September shipment. However, this week, although larger Chinese mills tried to maintain offers stable at around $530-535/mt CFR to the UAE, Chinese traders attempted to raise offers to around $540/mt CFR.
Similar attempts at raising prices have been observed by Japanese suppliers, who began offering at about $560/mt CFR this week, after offering $550/mt CFR for September shipment last week.
On the other hand, because of the low trade activity in the UAE, suppliers from South Korea and India are still not offering HRC to the UAE.