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Middle East: Imported HRC offers stable w-o-w ahead of National Day holidays

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BigMint Bureau

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27 Nov 2024, 15:41 IST

Middle East: Imported HRC offers stable w-o-w ahead of National Day holidays

Imported hot-rolled coil (HRC) offers from China to the Middle East (ME) remained largely stable w-o-w to $520-530/t CFR ahead of National day holidays, sources informed BigMint. The trade activities in the region have experienced a significant slowdown this week, with most bulk bookings concluded in the previous period. The upcoming holidays, from 30 November to 3 December 2024, are further dampening market activity in the region.

Notably, HRC futures on China's Shanghai Futures Exchange (SHFE) prices remined stable w-o-w to RMB 3475/t ($479/t) as on 26 November 2024.

Meanwhile, Indian mills are not actively offering in the region, last heard Indicative offers from India were heard at around $560/t CFR UAE. Competitive offers from China weighed on Indian exports.

Outlook

The subdued market activity and competitive pricing environment are likely to shape the short-term outlook for the Middle East HRC market. As we move into the post-holiday period, it will be interesting to observe how market dynamics evolve and whether demand picks up.