The HRC import market in the GCC has shifted into a clear wait-and-see mode this week, as escalating regional tensions and the disruption of shipping through the Strait of Hormuz have created substantial uncertainty across supply chains, effectively freezing fresh booking activity. No confirmed transactions have been reported so far, while major suppliers are largely refraining from issuing firm new offers amid shipment risks, unclear delivery timelines and concerns over cargoes already booked or in transit. Freight levels remain unclear at this stage, with no firm indications available, as logistics routes are still being assessed. Market sources indicate that shipments from Dammam have become extremely challenging under the current conditions, while alternative routing options via Red Sea ports such as Jeddah are also described as highly complicated. Meanwhile, certain shippers have are reported to have introduced warehousing surcharges of $1,500-2,000 per container, adding further cost pressure to the already uncertain trade environment.
“There are no new price indications so far. Shipment status remains uncertain. For now, the market seems to be in a wait-and-see position,” a UAE-based re-roller commented to SteelOrbis.
Meanwhile, although no fresh offers have been heard this week, previous Chinese SS400 indications for March-April shipment were reported at $490-500/mt CFR UAE, broadly stable week on week, in line with Chinese FOB-based levels at $465-485/mt.
Similarly, no new offers have been reported from Indian suppliers, whose most recent indications were at $510-525/mt CFR UAE for March shipment.
Japanese suppliers have also remained absent from the market, following last week’s rumors of offers at around $520-525/mt CFR UAE, while Russian suppliers have kept their March-April offers unchanged at $470-480/mt CFR UAE.
