The GCC HRC market has continued to move in a cautious and fragmented manner this week, with rising import offer levels failing to translate into clearer trading activity across the region. While Chinese suppliers have continued to test the market with slightly higher prices supported by firmer FOB levels and elevated freight costs, buyers in the GCC have largely remained hesitant, particularly amid ongoing uncertainty regarding logistics and shipment routes. At the same time, some Indian origin transactions have started to circulate in the market, though activity overall remains selective and partly unconfirmed. Saudi Arabia continues to show relatively healthier momentum compared to the UAE, supported by ongoing domestic offer activity from Hadeed and relatively better trading conditions.
For the UAE market, offer levels from China for end-of-June and July shipments have moved up further to $585-595/mt CFR, approximately $5/mt higher week on week, reflecting firmer export indications from Chinese suppliers alongside still elevated freight costs. However, the increase has yet to generate fresh buying activity, as most buyers continue to monitor the market cautiously amid ongoing uncertainty surrounding transportation and workable delivery routes.
For Saudi Arabia, Chinese origin HRC offers for June and July shipments have also edged up slightly week on week to $615-620/mt CFR Jeddah. On the domestic side, Hadeed has continued to remain active in the market, while its HRC offer prices have largely remained stable week on week at around $740/mt CPT for June shipments, according to market sources.
Meanwhile, market sources have mentioned that some Indian origin material was recently sold to GCC destinations at around $535-540/mt FOB, with total volumes reported to have reached around 30,000 mt. In addition, another eastern India-based integrated mill is reported to have been negotiating a further 30,000 mt cargo for Qatar since late last week, though no confirmation of a transaction has been heard in the market so far.
