This week, GCC buyers have remained active in the hot rolled coil import market, with a noticeable shift in sourcing preferences toward Indian suppliers, largely due to more competitive pricing. However, despite the growing interest in ex-India material, elevated import price levels continue to face resistance, as regional demand remains relatively slow. While Indian mills have succeeded in concluding a few deals, they continue to face challenges in pushing through price increases, as buyers remain highly price-sensitive and are negotiating firmly. GCC market participants are also closely monitoring global trends, particularly pricing from Chinese and Japanese suppliers. Although official offers from China and Japan have remained largely unchanged, there have been reports of unconfirmed lower deal levels from Chinese mills, alongside active interest and ongoing negotiations with Japanese suppliers.
According to sources, Indian suppliers have sold approximately 8,000 mt of HRC to Qatari buyers at $500/mt FOB, which has translated to $530-535/mt CFR. This deal was closed below the seller’s initial offer of $520/mt FOB but above the buyer’s opening bid of $480-490/mt. Similarly, another deal from India to the GCC region involved the sale of an estimated 15,000 mt to the UAE at a final contract price of $490/mt FOB ($520-525/mt CFR), below the initial offer of $515/mt FOB and above the buyer’s initial bid of $480/mt FOB. While recent deals have been concluded at slightly lower levels, Indian suppliers’ general offers have remained stable at $535-540/mt CFR for shipments in late October and November.
Meanwhile, Chinese suppliers have kept their offers steady at $500-515/mt CFR for the same delivery period, unchanged from last week. However, unconfirmed reports suggest some volumes have been sold to UAE buyers at lower prices, at around $500-505/mt CFR.
Similarly, Japanese suppliers have maintained stable pricing, with offers holding steady week on week at $510-520/mt CFR for November shipments. Sources indicate that Emirati buyers have shown interest in Japanese material, although no deals have been finalized yet, likely due to ongoing negotiations over price.
On the other hand, Saudi Arabian suppliers, who last week sold volumes to UAE rerollers at $550/mt CFR for October shipments, are reported to have reduced their offers to $530-535/mt CFR for deliveries in late October and November.
