This week, following some hot rolled coil buying activity toward the end of last week, particularly from UAE-based buyers booking small lots of Chinese material, GCC buyers have largely shifted to a wait-and-see stance, with limited fresh enquiries reported. Market sentiment remains cautious amid mixed import price trends. With Chinese suppliers set to enter their holiday period next week, trading activity is expected to ease further, as buyers with urgent requirements may face fewer immediate options. In the run-up to the holiday, Chinese offers have softened slightly, partly in an effort to secure bookings ahead of the anticipated slowdown. At the same time, Indian suppliers have continued to push for higher prices, supported by firm domestic market conditions, while Russian mills have indicated their intentions to increase offers, although their current levels remain broadly stable week on week. Meanwhile, with Ramadan approaching and import offers attempting to move upward, market participants expect buying activity to slow further in the coming weeks, with overall demand across the region likely to remain limited.
As a result, Chinese SS400 HRC offers have softened to $490-500/mt CFR UAE, down from $495-510/mt CFR, for March and April shipments. According to market sources, UAE buyers booked around 8,000-10,000 mt at $490-495/mt CFR toward the end of last week.
Meanwhile, Indian suppliers have continued to increase their offers, as their domestic market remains supportive. However, GCC buyers have shown limited interest due to the significant upward adjustments, with prices currently reported at $510-525/mt CFR for March shipment, up from $495-505/mt CFR in the previous week.
On the other hand, Japanese HRC suppliers have remained silent, having already sold March shipment volumes, and they are expected to announce April shipment prices soon. Russian offers have been reported at $470-480/mt CFR, though sources indicate that higher offers may emerge in the coming days as Russian mills attempt to push prices upward.
