Import activity in the GCC hot rolled coil market has gained some momentum this week, despite the still slow pace of domestic demand across the region. Local consumption remains under pressure as the summer period continues to weigh on end-user activity, keeping most buyers cautious in terms of large-volume purchases. However, this cautious stance has not fully prevented buying interest in the import segment, where competitive prices have continued to attract attention. Market sources indicate that buyers in Saudi Arabia and the UAE have remained active in negotiations for both Chinese and Indian origin material, with some stepping in when lower levels have become available.
In the Chinese segment, some lots have been discussed at around $560-570/mt CFR Saudi Arabia and the UAE, although no clear confirmation of deals concluded at these levels has been received so far. General Chinese SS400 indications for August-September shipment are currently heard at around $560-570/mt CFR Saudi Arabia. For the UAE, Chinese SS400 prices are now heard at around $580-585/mt CFR, down from last week’s $580-600/mt CFR range.
For Chinese SAE1006, current indications are heard at around $585-590/mt CFR GCC for August-September shipment, compared with last week’s broader $585-620/mt CFR GCC range.
Meanwhile, the decline has been more significant in Indian origin HRC prices to the UAE. An Indian mill is heard to have sold around 30,000 mt of HRC to UAE-based pipe producers at $540/mt FOB, equivalent to approximately $585/mt CFR UAE, for end-of-July shipment. Following this sale, Indian offers to the UAE for August-September shipment are also now heard at around $585/mt CFR, down sharply from last week’s workable levels of $600-610/mt CFR UAE. This has brought Indian origin HRC indications to the UAE closer to the lower end of the current import price range.
