Posted on 26 Mar 2025
Sales activity for hot rolled and galvanized coil has slowed in the Gulf Cooperation Council, Kallanish notes.
Chinese mills that sold their April allocations and most of their May volumes have raised their prices, while others willing to sell mid-to-late May allocations have maintained previous prices. The price gap between ex-China tier-one mills has widened to $12-20/tonne.
Since last Friday, Chinese steel futures have not provided any promising indications for the market.
This week, re-rolling grade (SAE 1006) material from tier-one Chinese mills for late May load readiness is quoted at $512-513/t for 2mm thickness. Early-June-shipment offers range from $525-535/t, while ex-Taiwan quotes are at $530/t for early-June shipment.
Indian mills and Japan's Nippon Steel are not currently offering and are evaluating conditions. After the Eid holiday, Nippon Steel is expected to announce prices for late-June shipments, presumably at $525-530/t. Indian mills are seeing rising prices in their domestic market and can capture higher margins in the EU.
An enquiry for 15,000 tonnes of re-rolling grade material has been released for early-June shipment.
Meanwhile, tier-one mills in China are offering regular width 3mm A36/S235JR grade at $500-505/t for late-May shipment, while the 1.2mm SPHT-1 grade remains unchanged in the last two weeks at $547/t for April load readiness. Saudi buyers hear the Egyptian major offering base at around $555/t fob, charging $40/t extra for 1.2mm thick.
Unless stated otherwise, prices are based on cfr Jebel Ali, Abu Dhabi ports in the UAE, or Dammam, Saudi Arabia.
Source:Kallanish
