GCC buyers in need of stocks have been active in the import market this week, favoring ex-China and ex-India materials lately. In the meantime, offers for import hot rolled coil (HRC) have stayed unchanged from the previous week. However, despite the present activity in restocking, exporters and GCC buyers anticipate weaker demand at the end of the month as the holiday approaches.
According to reports, China recently sold around 10,000-13,000 mt of SS400 grade HRC to UAE-based tube producers and stockists at $495-500/mt CFR for March shipment. Currently, SS400 offers from China to the UAE for April shipment stand at $495-515/mt CFR from last week.
Other HRC sales have been reported from Indian suppliers, who are offering roughly the same prices as last week, at $515-525/mt CFR. According to sources, Indian suppliers sold 5,000 mt and 8,000 mt to Qatar and Bahrain at $485/mt FOB and $480/mt FOB, respectively, equating to about $510-520/mt CFR. In addition, India sold about 25,000 mt of HRC to the UAE-based re-roller at $515/mt CFR, for March shipment.
In contrast, Japanese suppliers have not done any new deals after selling certain amounts to the UAE last week, with their offers for May shipment remaining unchanged at $510-515/mt CFR.