Even though no deals have been reported in the GCC this week, according to sources Emirati and Saudi purchasers have expressed interest in restocking and bought several lots from India and Japan at the end of last week. Meanwhile, China, one of the preferred suppliers among GCC purchasers, is still inactive but, as the holiday period comes to an end, the majority of China suppliers are beginning to return to the market and new offers are expected in the coming days.
Last week, Indian suppliers sold around 5,000-6,000 mt of HRC to the UAE at $530/mt CFR. At the moment, SAE1006 offers from India to the UAE for February-March shipment are at around $525-535/mt CFR, up from $510-520/mt CFR before.
Another sale has been announced from Japan, which had been inactive in the previous few weeks. Last week, Japan sold around 40,000 mt of HRC to the UAE and Saudi Arabia at $510/mt CFR, which is almost the same price as the previous Japanese offers of $500-510/mt CFR. However, this information has not been officially confirmed by the time of publication.
On the other hand, although Chinese suppliers have remained silent as regards offers due to their holiday, Taiwanese suppliers have offered HRC to the UAE this week at $520/mt CFR, but no deals have been reported yet.