This week, hot rolled coil purchasing activity in the UAE has remained minimal, with the national holiday extending until Thursday and keeping Emirati buyers largely inactive. As a result, no new deals have been reported. Across the wider GCC region, buying interest has also been limited, though toward the end of last week some activity was observed, as Saudi Arabian and Omani buyers have purchased certain lots from Russian and Indian suppliers. Meanwhile, as regards offers, although Russian, Indian and Japanese price levels are stable compared with the previous week, Chinese suppliers have introduced slight increases supported by relatively steady business activity. Even so, market players have noted that these higher levels are unlikely to gain significant momentum, as buyers across the region have continued to focus on the lowest available or discounted prices.
Although no new deals have been concluded, Chinese suppliers have raised their SS400 HRC offers to $485-500/mt CFR, up from $480-495/mt CFR, for December and January shipments.
Meanwhile, Russian suppliers, still among the most aggressive in the market, have offered HRC at $460-470/mt CFR for January shipment to the UAE. While interest from Emirati buyers remains limited due to the holiday period, Russian mills are reported to have sold 50,000 mt of HRC to Saudi Arabia at $455/mt CFR, for January shipment.
In addition, at the end of last week, an Indian supplier is reported to have sold around 10,000 mt of HRC to Omani buyers at $505-515/mt CFR for January shipment, although this deal has not been confirmed at the time of publication. Indian mills have otherwise kept their offers stable from last week at $500-515/mt CFR, for January shipment.
A similar stability has been observed from Japanese suppliers. Although no new deals have surfaced, market rumors suggest ongoing interest from UAE buyers. Japanese offers for January shipment remain at $495-500/mt CFR, unchanged from the previous week.
