Over the past week, with the ongoing softening of Chinese hot rolled coil (HRC) prices also affecting other suppliers' offers, import activity in the GCC's hot rolled coil market has increased, with buyers, who had been postponing purchases, finally deciding to restock, preferring HRC from China, Japan, India, and Taiwan.
According to sources, suppliers from China have sold 20,000-25,000 mt of SS400 HRC to the UAE at $525/mt CFR for late November-early December shipment, while another deal has been concluded with a UAE-based tube producer at roughly $530/mt CFR for December shipment. Meanwhile, despite the lower deal prices, this week's HRC offers from China to the UAE have dropped by $5/mt to $530-540/mt CFR for December shipment.
Similarly, Indian suppliers have sold 20,00-25,000 mt of HRC to the UAE and Saudi Arabia this week at $550-560/mt CFR for December shipment, although, according to sources, some Indian mills persist in offering at the previous levels of $570-580/mt CFR to the UAE.
Japanese HRC is also in demand in the UAE as 20,000-25,000 mt have been sold at $535/mt CFR, down $15/mt over the past week. Additionally, traders have stated that earlier this week Taiwan sold some HRC lots to the GCC at $538 CFR.
