- Indian HRC offers to EU drop $5/t w-o-w
- Offers to Vietnam resume amid competitive Chinese prices
BigMint’s India hot-rolled coil (HRC, S275 for Europe) export index dropped by $5/t w-o-w to $545/tonnes (t) (FOB main port) amid cautious market sentiments. A deal was heard concluded for October shipments at $540/t FOB. While domestic demand in the region continues to face challenges, Indian mills are pushing to complete their export quotas ahead of the new CBAM implementation in January 2026.
Indian mill has resumed HRC (HRC, SAE1006 for ME & S.E. Asia) offers to Vietnam after a long pause. Notably, an unconfirmed deal for October shipment has been reported even though Chinese offers remain competitive. Meanwhile, Indian HRC export offers to the Middle East dipped $5/t w-o-w, contrasting with Chinese HRC offers to the region that held firm in a narrow range, reflecting steady demand in the Middle East market.
1. Indian HRC export offers to EU drop w-o-w: Imported hot-rolled coil (HRC) offers from India to EU dropped by $5/t w-o-w to $595-600/t CFR Antwerp ($545-550/t FOB India) as compared to $600-605/t CFR Antwerp a week ago. Moreover, a deal of around 20,000 t was heard concluded at $590/t CFR Antwerp. “While the price for the HRC quota can be set, buyers are cautious due to the significant risk associated with safeguard quota and the upcoming CBAM (Carbon Border Adjustment Mechanism) implementation in January 2026”, a source informed.
Europe’s HRC market is currently experiencing a quiet period. Prices have remained stable because of slow trading. Many major purchasers have already built up their inventories by mid-August and are resisting higher prices for November and December deliveries. This lack of demand from end-users has countered attempts by mills to raise prices, leading to a stabilization in the market. Overall, trading activity hasn’t picked up much since the summer holidays, reflecting the cautious approach of buyers amid sluggish demand.
2. Indian HRC offers to Vietnam resume: Indian mills have resumed HRC export offers to Vietnam, the offers are hovering around $505-515/t CFR Ho Chi Minh City (HCMC). Notably, an unconfirmed deal of around 30,000 t for October shipment has been heard concluded. China’s HRC offers to Vietnam remained stable w-o-w at $495/t CFR HCMC.
Vietnamese steel giant Formosa Ha Tinh (FHS) has increased its hot-rolled coil (HRC) prices by approximately $11/t m-o-m for October sales. Following this adjustment, FHS’s HRC prices (SAE1006, skin-passed) are $519-528/t CIF HCMC, depending on the quantity booked, as compared to $507-517/t CIF HCMC last month. Domestic demand in Vietnam is showing signs of recovery primarily driven by domestic consumption and significant government-led infrastructure and construction projects.
3.Chinese HRC prices to Middle East rangebound: Chinese HRC export offers to the Middle East remained range-bound with offers ranging between $505-510/t CFR UAE, with stable demand despite the hot weather. While Indian HRC export offers to Middle East dropped by $5/t w-o-w to $525/t CFR UAE from $530-540/t CFR last week. This decline in offers can be attributed to competitive Chinese offers to the region.
HRC futures on the Shanghai Futures Exchange (SHFE) January 2026 contracts rose by RMB 48/t ($7/t) w-o-w to RMB 3,403/t ($478/t) as compared to RMB 3,355/t ($472/t) a week ago. Moreover, on a d-o-d basis, contracts increased by RMB 43/t ($6/t).
Outlook
Indian HRC export offers are expected to stay under pressure in the short term, driven by cautious market sentiment and the impending CBAM. Moreover, competitive Chinese prices in Middle East and Vietnam market may keep Indian mills export prices under pressure.
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