HBI demand in the GCC has inched upward

Demand in the Gulf has inched upward, moving away from its usual stability. According to sources, a Saudi buyer recently booked a sizeable cargo from Qatar. Pricing was not formally disclosed, but the transaction is believed to have been concluded at around $330/t CIF, roughly in line with prevailing offers of $300–310/t FOB plus freight of up to $20/t. The same sources noted that a downward correction in the market has encouraged buyers to move quickly, with levels having previously hovered closer to $310–315/t FOB.

Iranian HBI has gained increased attention amid these conditions. Persian Gulf Saba Steel has been offering prompt cargoes at $240/t FOB, while other market chatter pointed to shipments quoted at $275–280/t CNF Nhava Sheva. Indian demand is reportedly stable, helping support this trade flow.

Elsewhere in the region, supply constraints persist. Libya Iron and Steel Company has been absent due to annual maintenance on its HBI module, which began in early July and has only recently been completed. Algeria’s DRI supplier also remains out of the export market, with company representatives indicating they are unable to offer sponge iron for shipment before the end of September.