This week, HRC buying activity in the GCC has remained subdued, as China’s return to the market has not brought any price revisions compared to pre-holiday levels, limiting incentives for fresh bookings. Japan has also re-entered the market with April shipment offers, prompting initial negotiations with GCC buyers, though no transactions have been confirmed so far. In the absence of Chinese suppliers, toward the end of last week some UAE buyers with immediate stock requirements shifted their focus to Indian material. Despite relatively higher Indian price indications, market sources report that suppliers showed flexibility, granting discounts that enabled deals to be concluded below the initial target levels. At the same time, Japanese offers have been heard at comparatively higher levels, but GCC buyers have largely resisted these prices, as regional demand remains seasonally slow during the Ramadan period, even if underlying consumption is still described as being broadly stable.
As a result, Indian suppliers concluded two cargo sales toward the end of last week, one larger cargo of around 30,000-40,000 mt at $510/mt CFR UAE, and another smaller volume at $515/mt CFR UAE, for end-of-March shipment. Although Indian offers have decreased by around $10/mt from the previous week to $510-525/mt CFR, most suppliers continue to indicate official offers at the upper end of this range for March shipment.
On the other hand, Chinese suppliers’ SS400 offers have remained stable this week at around $490-500/mt CFR UAE for March-April shipments.
Similarly, while limited fresh offers have been heard, Russian offers have been reported at $470-480/mt CFR for March-April shipments.
Meanwhile, Japanese suppliers, having returned to the market for April shipments, have started negotiations but have not yet announced firm official offers. However, some UAE sources report indicative levels at around $525/mt CFR, which currently appear difficult to achieve given buyers’ resistance in the GCC market.
