Prices for hot-rolled steel from the Gulf countries are growing, while in China they do not change

Buyers of GCC hot-rolled coil have been receiving price increases since the beginning of last week, but Chinese mills have maintained or even reduced some quotes by $10-$15 per tonne.

This week SPHT-1 3mm hot rolled coil is offered by Japanese mill at $680/t, SS400 2-3mm boron steel from India at $650-655/t and SPHT-1 2 mm at a price of 678 US dollars per ton and 3 mm at a price of 655 US dollars. /t at the Saudi plant. A Tier 1 enterprise in China offered several thicknesses of SS400 steel at a price of USD 625-630 per tonne of francs. All shipments are made in November and all prices are for CFR GCC ports only; Saudi price - DDU Oman or UAE. An offer of 0.35-1.2mm 2-5000t all-hard cold-rolled coil from a Chinese mill was heard at $650/tonne CFR GCC for delivery in November, but did not translate into a commitment.

Last week, a rolling mill in the UAE posted a request for 25,000 tonnes of SAE 1006 and SAE 1008 2-3mm hot-rolled steel at $590-600/t Abu Dhabi Francs for delivery in November. HRC bids received this week from Japan, Australia, Taiwan, Saudi Arabia and India with added boron were valued at $630-655/t cfr. However, the buyer did not close the deal because the bids are above their target price.

In Saudi Arabia, Chinese 1.2mm thick SPHT-1 hot rolled coil for delivery in November is offered at $665/t in Dammam and $685/t in Jeddah.

“Indian mills are evaluating the market in terms of price increases, but non-traditional suppliers at GCC are changing the game. But November HRC prices are expected to be $20-$35/t higher than October deal prices of $620-630/t cfr GCC,” explains the source. "However, demand is low in Europe, Turkey, the domestic market of India, China and worldwide, which is an obstacle to price increases. An attempt to increase prices may not be successful due to lack of demand."