This week, HRC import activity across the GCC has slowed down, as most suppliers’ attempts to push prices higher have prompted buyers to adopt a more cautious approach. Although firmer offer levels have weighed on overall buying momentum, interest in Indian-origin HRC has persisted, with market sources suggesting that some UAE and Qatari buyers have moved ahead with purchases, mainly to cover immediate requirements, despite the higher price levels. At the same time, buyers in the UAE have remained particularly careful, reflecting the slow domestic market conditions and uncertainty over the near-term price direction. With prices showing an upward bias, many HRC consumers have opted not to rush into the market, preferring to monitor price movements and assess whether the current levels can be sustained before committing to additional volumes.
Against this backdrop, Indian suppliers are reported to have sold HRC for March shipment, with around 20,000 mt going to the UAE and approximately 15,000 mt to Qatar, both at $500-505/mt CFR. Meanwhile, Indian offers to the UAE have edged up by $5/mt week on week, reaching $500-505/mt CFR, for March shipment. However, according to sources, lower levels of around $495/mt CFR have still been discussed for larger-volume orders.
On the Chinese side, buying interest has softened further over recent weeks, while offer levels have largely remained stable. SS400 offers from China have continued to be heard at $500-510/mt CFR for March shipment, with no fresh deals reported.
Meanwhile, no new deals or offers have been reported from Japanese and Taiwanese suppliers. Market participants note that longer delivery times have limited interest, while April shipment offers have remained unchanged, with both Japanese and Taiwanese material heard at $495-500/mt CFR.
In addition, Russian origin material, despite being subject to sanctions, has been heard at lower levels this week, with prices reported at $470-480/mt CFR, down from $480-485/mt CFR in the previous week.
