Despite the price rises noticed in China, GCC buyers in need of HRC stocks have continued to replenish their supplies. As a result, last week GCC-based purchasers have bought several lots from China and India, while no new sales have been recorded this week so far. Meanwhile, market participants believe trade activity may decline until China returns from the Lunar New Year holiday.
According to reports, last week China sold 12,000 mt, 15,000 mt, and 30,000 mt of SS400 grade HRC to Oman, UAE and Saudi Arabia at $490/mt CFR, $510/mt CFR and $515/mt CFR, respectively. Currently, SS400 offers from China to the UAE for February shipment stand at $510-520/mt CFR, up from $490-500/mt last week.
Another HRC sale has been reported from Indian suppliers, who are offering roughly the same prices as last week, at $520-525/mt CFR. According to sources, Indian suppliers sold 15,000 mt of SAE1006 grade HRC to the UAE last week in this price range.
In contrast, Japanese suppliers have not made any fresh offers after they sold some quantities to the UAE last week at $500-510/mt CFR.