A recent bulk procurement deal in the United Arab Emirates (UAE) hot-rolled coil (HRC) market has been concluded at a higher price, indicating strengthening demand. One of the UAE's primary pipe and tube manufacturers replenished its stock by booking a significant lot of Chinese HRC. The transaction was finalized at a higher level than the previous deal, reflecting an upward trend in prices for Chinese steel products in the region.

The price for the new deal was reported to be approximately $540 per tonne on a cost and freight (CFR) basis, representing a notable increase from the previous transaction which was reportedly in the range of $520-$525 per tonne. This new deal comes as Turkey's import scrap market remains firm, although with only sporadic business activity. The rise in Chinese HRC prices in the UAE market suggests that despite global economic pressures, some regional markets are experiencing increased purchasing activity. The transaction highlights the continuous trade flows between major steel-producing nations like China and key consuming regions in the Middle East, with Chinese products continuing to play a prominent role in meeting regional demand for steel inputs. This price hike is also aligned with the general upward trend in HRC export prices from China to various markets.