Given the ongoing slow trading activity along with insufficient interest from GCC customers, some overseas HRC suppliers, particularly those from India and South Korea, have decided to continue to hold back offers, whereas Chinese suppliers remain active in the market and have attracted some interest from GCC buyers. Although GCC consumers are more interested in Chinese material, most of them still demand discounts, but, given the current state of the market, it is difficult to obtain the discounts they want.
As a result, suppliers from China have sold 10,000 mt of HRC to Oman for $585-595/mt CFR, while SS400 HRC offers to the GCC have settled at $590-595/mt CFR for January shipments. Nonetheless, as indicated before, customers from the GCC continue to look for discounts, aiming for $585/mt CFR.
Meanwhile, offers to the UAE for SAE1006 grade have risen by $15/mt week on week to $590-595/mt CFR.
India and South Korea, on the other hand, have persisted in holding back offers since domestic as well as other foreign markets demonstrate stronger trade activity than the GCC market.
