Limited visibility and persistent logistical challenges continue to define the GCC HRC market this week, as the unresolved situation around the Strait of Hormuz and ongoing regional tensions keep trade routes restricted. Demand across the GCC remains slow and cautious, with buyers largely focusing on immediate needs rather than forward commitments. While activity in the UAE remains largely stalled due to ongoing access constraints, relatively better engagement is observed in Saudi Arabia and, to a lesser extent, Oman, where some transactions are still possible through available routes. Even so, trading volumes remain uneven across the region, reflecting the absence of stable trade flows and continued reliance on limited accessible channels.
Against this backdrop, Chinese HRC offers have remained broadly unchanged in the UAE, with indications still heard at around $550/mt CFR for May and June shipment, without leading to confirmed transactions. For Saudi Arabia, prevailing offer levels for 1.2 mm HRC continue to be reported at $610-615/mt CFR to Jeddah. However, some lower-priced indications have also started to emerge, with a few sources suggesting levels of $575-585/mt CFR may be workable under certain conditions. Market participants note that base FOB levels are mostly at around $515/mt, with freight and logistics costs to Jeddah estimated at approximately $60-70/mt, depending on the route and risk coverage.
Meanwhile, Indian HRC offers are currently heard at around $530-550/mt FOB. However, due to elevated freight costs and heightened risks across key shipping routes, these levels are considered commercially unattractive, limiting buyers’ willingness to proceed with purchases.
On the other hand, no fresh offers have been heard from Japanese or Russian suppliers to the GCC market. For reference, Russian origin HRC was offered to the MENA region at around $520-525/mt CFR last week, with some limited sales also reported at these levels.
