Japan's JFE is eyeing hot rolled coil deals for September load readiness in the Gulf Cooperation Council, coinciding with Nippon Steel's maintenance shutdown at one of its plants in Japan in September, limiting September-loading supply. Given the lack of global demand, JFE's entry is seen by industry participants as opportunistic and temporary. Through a trading company, JFE has issued its initial price for commercial (SPHT and SAE 1006) grades 2mm HRC at $650/tonne cfr GCC, Kallanish understands. This is around $20/t below current market levels. The company is open to negotiating on volumes and is expected to be active in the market for September loading only.
