- Domestic auto, construction demand stays weak
- China’s CRC export offers decline by $5/t w-o-w
India’s cold-rolled coil (CRC) export offers to Europe dropped by $15/tonne (t) w-o-w to $685-690/t FOB east coast, India ($735-740/t CFR Antwerp) against $700/t FOB east coast, India a week ago. A deal for around 15,000 t was heard concluded at similar prices for June 2025 shipments.
European flat steel prices remained stable w-o-w, with local mills avoiding hikes due to weak demand from the automotive and construction sectors and sufficient inventories with buyers.
Indian CRC export volumes in April stood at 143,451 t, up by 17% (21,098 t) m-o-m against 122,353 t in March. Furthermore, on a y-o-y basis, CRC exports increased by 235% (100,652 t) from 42,799 t in April 2024.
China’s CRC export offers dropped by $5/t w-o-w to $525/t FOB compared to $530/t last week.
Chinese hot-rolled coil (HRC) prices on the Shanghai Futures Exchange (SHFE) edged down by RMB 38/t ($5/t) w-o-w to RMB 3,207/t ($445/t) compared to RMB 3,245/t ($450/t) a week ago. However, the same remained stable d-o-d.
Outlook
European flat steel prices are likely to remain under pressure in the short term due to weak demand from key sectors such as automotive and construction. These subdued market dynamics are also expected to influence India’s CRC offers in the near term.
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