Import activity in the GCC HRC market has softened during the past week, as the ongoing holiday period in China has effectively limited the availability of fresh offers, reducing trading momentum in the region. With Chinese suppliers largely absent from the market for the time being, buyers are facing fewer immediate options and are refraining from making new commitments. At the same time, offer levels from alternative suppliers remain relatively high, while some exporters are staying quiet and waiting for China to return to the market, which continues to discourage fresh bookings. In addition, with Ramadan about to get underway, domestic demand across the region has started to slow, further weighing on purchasing activity. Against this backdrop of limited supply visibility, elevated prices and a seasonal demand softening, most GCC buyers are maintaining a cautious wait-and-see approach.
As a result, Chinese SS400 offers have remained silent this week, whereas previously they were heard at around $490-500/mt CFR UAE, for March shipment.
A similar lack of activity has been observed from Japanese suppliers, not due to holidays but because most March shipment volumes have already been sold, with new April price announcements expected in the coming weeks.
Meanwhile, Russian offers have been reported at $470-480/mt CFR for March and April shipments, though no fresh deals or firm offers have been confirmed recently, with market participants expecting clearer signals in the coming days, possibly after China returns.
Indian suppliers, on the other hand, have continued to increase their offers, supported by stronger domestic and EU sales. Their offers to the UAE have risen by around $10/mt to $520-525/mt CFR for March shipment.
