GCC-based hot rolled coil (HRC) buyers have remained moderately interested in restocking with imports, taking into account that prices have not increased much after the Chinese New Year holiday, contrary to initial expectations. Still, the outlook remains postive for the near future and offers may rise in the short run.
According to sources, GCC-based customers have lately purchased 15,000 mt of ex-India HRC at $720/mt CFR, while the latest offers have been reported at $720-730/mt CFR. In the meantime, Emirati purchasers have booked medium volumes of ex-China HRC SAE1006 grade at $700/mt CFR. fresh offers from China for SS400 HRC grade have been reported at a minimum of $690/mt CFR, up $10/mt on the lower end of the range. However, some sources report indications for the mentioned grade at up to $705/mt CFR UAE.
Ex-South Korea offers for March shipments to the UAE have stayed at $745/mt CFR, while ex-Japan offers have increased to $740/mt CFR for March and April shipments, up from $710/mt CFR in the previous week.
