Chinese HRC export offers to the Middle East remained stable w-o-w ahead of the Lunar New Year holidays in China (28 January- 4 February, 2025). Offers held steady at $505/t CFR UAE, with a reported deal of approximately 5,000-7,000 (t) concluded within the range of $500-505/t CFR UAE.
Moreover, HRC futures on China’s Shanghai Futures Exchange (SHFE) remained range-bound on w-o-w basis at RMB 3,473/t ($479/t) on 27 January 2025.
Indian HRC export offers to the Middle East witnessed a $5/t increase w-o-w, reaching $530/t CFR UAE, up from $520-525/t CFR UAE last week.
Japanese HRC offers to the Middle East stood at $515/t CFR UAE.
Outlook
The Middle East HRC market is expected to experience a stable short-term outlook, influenced by a competitive pricing environment. Meanwhile, Chinese participation will not be active due to the Lunar New Year holidays.
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