Despite end-user demand remaining sluggish, GCC-based customers continue to replenish their supplies in line with their needs, resulting in some decent booking volumes of ex-China and ex-India HRC to the GCC region. However, according to market participants, Indian sellers in particular are presently focusing more on the European market due to improved business activities and the acceptability of higher prices.
"We are not hearing many Indian offers since they want to sell to Europe at better prices," a UAE-based trader told SteelOrbis.
According to information obtained by SteelOrbis, last week a total of 30,000 mt of ex-India HRC was sold at $720-725/mt CFR for shipment in April to both Saudi Arabia and the United Arab Emirates. Current ex-India offers remain unchanged from last week at $720-730/mt CFR for April shipment.
Likewise, ex-China offers have remained stable week on week at $690-700/mt CFR for April shipment. However, certain suppliers are again offering below the average range at $670-680/mt CFR. Furthermore, according to sources, the GCC has booked 10,000 mt of ex-China S275JR grade HRC at $690/mt CFR.
Meanwhile, South Korean suppliers are not currently offering to the GCC, but are mostly concentrating on the US market due to more profitable business activity there.
