The GCC HRC market has continued to face constrained conditions over the past week, as an end to the war in the Middle East has yet to be negotiated and since the Strait of Hormuz remains closed, keeping trade routes disrupted and limiting overall activity. As a result, import opportunities remain restricted, with only limited flows considered possible, mainly towards Saudi Arabia and to some extent Oman. However, no notable activity has been heard from Oman this week, while some sales to Saudi Arabia have been mentioned, though these remain unconfirmed. At the same time, demand across the local GCC market is described as slow and cautious, with buyers maintaining a wait-and-see approach. In the UAE, offers continue to be heard, but the absence of workable trade routes and ongoing logistical risks continue to prevent transactions, leaving the market without any confirmed deals so far.
According to market sources, Chinese suppliers have kept a low profile in the GCC market, with only a few price indications circulating. In the UAE, ex-China HRC is still being quoted at around $550/mt CFR for May shipment, largely unchanged from the previous week and without any confirmed deals. In contrast, prices for Saudi Arabia have been heard at relatively higher levels, with 1.2 mm HRC offered at $610-615/mt CFR, and some market talk suggesting that limited volumes may have been booked at around these levels, although firm confirmation remains scarce.
At the same time, Indian offers have remained stable at $520-530/mt FOB for May shipment, but buying interest continues to be very limited, as high freight costs and ongoing risks across trade routes still make it difficult to conclude deals.
Meanwhile, Japanese and Russian suppliers have remained absent, with no new offers heard, while Russian indicative levels remain at $505–515/mt CFR for May-June shipment, in line with last week.
