Uncertainty persists in the global hot rolled coil (HRC) market. While Chinese suppliers' efforts to increase market activity by raising prices have failed, Indian offers have remained stable. According to SteelRadar, demand across the market is still at low levels.
HRC prices at Persian Gulf ports dropped slightly by USD 5/t last week, which brought Chinese offers for March shipments back to USD 500-505/t FOB. However, expectations for confirmation of deals above USD 510/t CIF have not materialised so far.
On the other hand, Indian producers are not in a rush to follow the general trend and continue to keep their offers in the range of USD 525-530/t CIF. This indicates that Indian producers are adopting a more cautious stance against market fluctuations.
SteelRadar expects no major changes in the market in the coming weeks. In particular, with the onset of Ramadan, business activity is expected to be minimal and active buying will not pick up until the end of March. Therefore, the market is expected to remain stable in the short term.
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