Tag: UAE: HRC offers from China drop on currency devaluation; recession concerns

Imported HRC offers from China have dropped marginally by $10/t w-o-w to $610-620/t CFR UAE. The devaluation of RMB against USD has weighed on offers lately. “Demand is subdued and customers are concerned about recession. Thus, buyers are eyeing lower offers,” informed a UAE-based source. Indications of Indian-origin HRCs are still around $640-640/t CFR.