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Middle East: HRC import offers show mixed trends w-o-w

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BigMint Bureau

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22 Jan 2025, 16:15 IST

Middle East: HRC import offers show mixed trends w-o-w

India's export offers drop, China's rise w-o-w

Fall in Indian offers may spur trade momentum

Imported hot-rolled coil (HRC) offers showed mixed trends w-o-w in the Middle East. HRC export offers from India to the Middle East dropped by $10/tonne (t) to $520-525/t CFR UAE from $530-535/t a week ago, as per BigMint's sources. Prices fell following a deal for around 15,000 tonnes (t), which was heard to have concluded at around $520-525/t CFR UAE.

Meanwhile, Chinese HRC export offers to the Middle East rose $20-25/t to $505-515/t CFR UAE from $485-490/t in the previous week. This rise in offers can be attributed to the upcoming Lunar New Year holidays in China.

Notably, HRC futures on China's Shanghai Futures Exchange (SHFE) went up by RMB 89/t ($12/t) to RMB 3,475/t ($477/t) as compared to RMB 3,386/t ($465/t) last week. On a d-o-d basis, the same remained stable.

Steel export volumes from India to the UAE in CY'24 fell by 50,188 t to 499,268 t as compared to 549,456 t in CY'23. The decline in export volumes is attributed to competitive Chinese prices in the year and higher realisations in India's domestic market.

Outlook

The recent drop in Indian HRC offers to the Middle East may attract buyers and support prices in the short term. Meanwhile, Chinese HRC export offers are likely to remain firm ahead of the Lunar New Year holidays but may soften afterwards. Overall, the HRC market is expected to remain volatile, influenced by fluctuations in global demand, supply, and trade dynamics.