GCC hot rolled coil prices inch up slightly

2023-02-15 17:51:35 By : Mr. vincent chen

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GCC hot rolled coil prices inch up slightly

Very good overview of the weekly steel market.

Updates during the day from our global editorial team.

Updates during the day from our global editorial team.

This week, Gulf Cooperation Council hot rolled coil buyers have seen slight price increases, and re-rollers increased their sales in August. In United Arab Emirates, re-rollers doubled their domestic galvanised product (GI) sales against July, Kallanish learns.

At the end of the week before last, as well as last week, three separate re-rolling grade (SAE 1006 2mm and above) HRC deals were concluded from the Far East for 5,000 tonnes, 15,000t and 25,000t respectively. The first two were for October shipment and finalised at $635-640/tonne and $610-615/t respectively, while the last was for September shipment done at $595/t. All prices are cfr GCC ports.

This week, October-shipment 2mm SPHC grade HRC is offered by a South Korean mill at $640-650/t, and SAE 1006 grade same thickness material by Indian mills at $630-640/t. Japanese and Chinese HRC is quoted at $640/t and $630-650/t respectively. All prices are cfr GCC ports. The South Korean mill is expected to compromise at $620-630/t cfr GCC. The Japanese mill increased its target price by $10/t on-week, on the back of increased coking coal prices.

"The monsoon season is over, and festival season is coming in India, elevating domestic market demand. In September, schools will start in Europe and business activity will resume,” explains a senior mill official. "HRC producers will test the market with a slight increase, and if the markets digest it, we could see an increase in prices."

In Saudi Arabia this week, 1.2mm thickness SPHC grade Egyptian material is offered at $720/t and the same specification Chinese material at $705/t, both cfr Jeddah. On the east coast, Chinese material is at $685/t cfr Dammam. These are for October shipment. Despite South Korean 1.2mm SPHC grade HRC being offered at $680/t cfr Dammam, buyers prefer regular suppliers and are showing little interest in the Korean material.

Saudi’s sole HRC producer is expected to reveal its November-delivery prices this week. It was quoting October-rolling 2mm SAE 1006 grade HRC at $770-780/t delivered within the country. Sector participants anticipate prices may be unchanged for November deliveries.  

In the first six months of the year, Saudi Arabia's HRC imports fell 3.9% on-year to 633,602t and exports dropped 5.2% to 320,548t, according to the Saudi General Authority for Statistics.

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GCC hot rolled coil prices inch up slightly

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