HRC import activity in the GCC has remained limited and selective over the past week, as buyers have continued to face a market with largely stable offer levels and little price direction. Some buying interest has been seen from Emirati and Omani buyers, though overall trading activity has slowed compared with earlier weeks. Market sources report that buyers entering the market mainly to cover immediate stock needs have continued to favor Indian-origin HRC, supported by relatively competitive prices and faster delivery times. However, despite HRC suppliers’ attempts to test higher prices, GCC buyers have shown low acceptance of increased levels, insisting on lower workable prices to conclude deals. As a result, purchases have remained need-based rather than volume-driven.
In this context, Indian suppliers are reported to have sold a vessel of HRC for end-of-February shipment to the UAE and Oman at $495/mt CFR and $490-495/mt CFR, respectively. At the same time, Indian offers to the UAE have edged up slightly week on week by $5/mt, reaching $495-500/mt CFR for end-of-February and March shipment, though buying interest at these levels has remained limited.
In addition to standard HRC, India has also sold high-grade HRPO (hot rolled pickled and oiled) coils to the UAE. Three cargoes of around 5,000 mt, 8,000 mt, and 15,000 mt were reported for delivery to Abu Dhabi and Jebel Ali. Although the final prices were not disclosed, sources confirmed premiums of around $90-110/mt over standard HRC, placing price levels at approximately $590-600/mt CFR.
In contrast, Chinese suppliers have continued to see weak interest after raising offers. This week, SS400 offers from China have increased by $5/mt to $500-510/mt CFR for March shipment, though buying activity has remained subdued.
Similarly, Russian material, despite being subject to sanctions, has been heard at slightly higher levels of $480-485/mt CFR, compared with $475-485/mt CFR in the previous week.
Meanwhile, Japanese and Taiwanese suppliers have kept their March shipment offers unchanged, with Japanese HRC at $490-495/mt CFR and Taiwanese material at $495-500/mt CFR, respectively.
