The hot rolled coil (HRC) market in the Gulf Cooperation Council (GCC) has fallen silent as most buyers in the United Arab Emirates have sufficient stocks, while Saudi buyers are holding minimal inventories and prefer small-volume bookings, mainly from the local producer. This has resulted in limited inquiries being floated in the market.

Last week, an inquiry from a tube maker led to a deal through a trading house from a tier-one ex-China supplier for thicknesses at and above 1.8mm HRC base (3mm SS400/S235JR). The deal was concluded at $565/tonne cfr Jebel Ali for July shipment.

Notably, a reroller secured a deal from a top-tier Chinese supplier, highlighting the significant role of Chinese suppliers in the market. The deal was for SAE 1006 2mm+ at $590-595/t cfr for late-June dispatching, with the last shipment date on July 10 for a 10,000-tonne lot.

This week, prices remain unchanged as a major Chinese thin-gauge supplier is quoting 1.2mm SPHT-1 grade HRC from its ESP line at $615-618/t and from its regular line at $585/t base for end-June/early-July shipment.

Rerolling grade (SAE 1006) 2mm thick HRC is quoted at $590-593/t for ex-China tier-one mills, $600/t for ex-South Korea, and $605/t for ex-Taiwan, all for July shipment. Indian mills are still not showing interest in the GCC market, and there are no price indications for Indian material in the region.

All prices are based on cfr Dammam, Saudi Arabia, or Jebel Ali, UAE, port.

According to a trader, there is a significant slowdown in trading activity in the GCC. UAE stockists and tube makers have few inquiries with insignificant volumes, while Saudi buyers prefer to carry low stocks with monthly purchase bookings from the local supplier.