Posted on 30 Jan 2025
The direct reduced and hot-briquetted iron market is quiet in the Gulf Cooperation Council as no enquiries are being reported. This is unlikely to change until 7 February when the Chinese market returns from its New Year holiday and resume work, Kallanish notes.
Bahraini and Emirati suppliers informed their customers they are unable to supply DRI in February for 25,000-30,000-tonne parcels, while the Qatari major is targeting $315/tonne fob for 85-86% metallised DRI and $325/t fob for HBI. Meanwhile, the third of three consecutive DRI shipments from Bahrain to Europe is scheduled for February.
A Libyan company is heard to have closed an HBI tender approximately ten days ago for a substantial volume – over 60,000t – at just under $296/t fob, but this could not be confirmed from the supplier before deadline.
Riyadh- and Al Kharj-based induction furnace-route steel producers in Saudi Arabia received an 80-81% metallics HBI offer at $320/t delivered to their yard from Oman.
"The markets are quiet and scrap prices are still low, which are a benchmark in DRI/HBI trade, which is a substitute to scrap. We expect the market will gain momentum after the Chinese return from the New Year holiday," comments a reputable source.
Source:Kallanish
