Middle East: Imported HRC offers show mixed trends in recent deals

The Middle East's hot-rolled coil (HRC) market saw mixed price trends this week, with Indian HRC offers holding steady w-o-w at $530/t CFR UAE. This stability was seen after a recent deal of 5,000-6,000 tonnes (t) concluded at similar price levels, informed a source.

Meanwhile, Japanese HRC offers to the ME experienced a slight dip of $5/t w-o-w to $510/t CFR UAE. A deal of approximately 24,000 t was also reported to have been concluded at these prices.

Notably, Chinese steelmakers were absent from the market this week due to the Lunar New Year holidays. The absence of competitive Chinese offers, allowed both Indian and Japanese suppliers to secure these deals.

The Middle East is experiencing a surge in demand for HRC, mainly due to ongoing infrastructure projects. This increased demand is driving price fluctuations and boosting trade in the region.

Outlook

The Middle East's HRC market is expected to witness a mixed price trend in the short term, with prices potentially firming up due to improving demand driven by ongoing infrastructure projects. However, the return of Chinese suppliers after the Lunar New Year holidays may lead to increased competition and may affect the price momentum.