The Middle East hot-rolled coil (HRC) market witnessed price volatility this week as major suppliers, such as China, India, and Japan, revised their export offers in response to shifting global market conditions. These adjustments directly impacted import costs for Middle Eastern buyers.

Imported HRC offers from China to the Middle East (ME) remained range-bound w-o-w at $530-535/t CFR UAE, amid volatile SHFE futures. However, a deal of around 20,000-25,000 tonnes (t) was heard concluded at $525/t CFR UAE for late November-early December 2024 shipment.

HRC on China’s Shanghai Futures Exchange (SHFE) rose by RMB 103/t ($10/t) w-o-w to RMB 3,590/t ($502/t) from RMB 3,487/t ($488/t) last week. However, d-o-d, prices fell by RMB 13/t ($1/t) from RMB 3,603/t ($504/t).