While trade remains encouraging in the GCC domestic market, Emirati purchasers have remained mute, but Saudi buyers have made the decision to purchase substantial amounts of ex-China material. Meanwhile, due to the recent rebound in future prices in China, Chinese suppliers have raised offers somewhat this week, while other suppliers, particularly South Korea and India, have continued to offer at very high levels, with almost no outcome.
As a consequence, Chinese suppliers have sold 35,000 mt of high-grade API HRC to Saudi Arabia at $715/mt CFR, while SAE1006 HRC offers to the GCC are now at $620-640/mt CFR for February shipments.
Meanwhile, SS400 grade offers to the UAE have increased by $10/mt week on week to $600-620/mt CFR. However, according to sources, certain Chinese non-VAT traders are still offering at the previous week's low-end pricing of roughly $590/mt CFR to the UAE.
In contrast, South Korea has maintained its higher prices without receiving any interest from Emirati purchasers, and its offers to the UAE have stayed at around $695-700/mt CFR. Similarly, India, which in recent weeks made offers in the range of $650-660/mt CFR, has made no fresh proposals this week.