Considering the recent increases in both HRC import offerings and local business activities, Emirati customers have decided to restock in order to meet their needs. As a result, this week the GCC region has booked a considerable quantity of ex-China HRC. Besides, according to sources, certain Indian suppliers have begun to offer and have sold some quantities to the GCC in recent weeks.
According to market circulations, China has sold some lots to the UAE at $610-615/mt CFR, and Oman has also booked 14,000 mt of Chinese HRC at around $605 CFR for 1.8 mm thickness, while this week's offers for SS400 grade HRC have risen to $600-630/mt CFR. Furthermore, some Chinese suppliers have sold SAE1006 grade HRC to the UAE at $590/mt CFR, although this deal appears too low and unrealistic given current SAE1006 offers to the UAE at $610-620/mt CFR.
On the other hand, reports indicate that India sold a few quantities to the GCC at $600/mt FOB, which is roughly $630/mt CFR, for shipment in December. But sources claim that current offers are at least $10-20/mt higher than previous deals, and should be at $640-650/mt CFR to the UAE.
However, larger Indian mills are still not offering to the UAE, but, according to officials at big mills, as the market continues to trend up, offers to the GCC may begin in the coming weeks.
Moreover, Japanese suppliers, who had previously been offering at $620-630/mt CFR to the UAE, have likewise followed the upward trend and raised their offers to $640/mt CFR.