Import hot rolled coil (HRC) prices in the Persian Gulf (GCC) continued their downward trend in the first two weeks of January 2025. HRC prices from China decreased by USD 10-15/t to USD 500-505/t CIF during this period. The downtrend continues to put significant pressure on buyers and sellers in the region.
Indian producers continue their efforts to stabilise their offers at USD 535/t CIF, having reduced their offers by USD 10/t at the beginning of the year. Market analysts, however, noted that these price levels also carry a risk of weakening. Buyers for Indian products have been making counter offers no higher than USD 525/t CIF for February shipments.
According to SteelRadar, forecast that this level may become a more widespread and dominant price range by early February.
Experts assess that these price declines in the Persian Gulf market may have broader implications for the global HRC trade. The supply-demand dynamics, particularly in Asia and the Middle East, will continue to be closely observed in the coming weeks.
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