- 20,000-t deal reportedly concluded from India to Middle East
- Vietnamese demand remains slow amid Typhoon Kalmaegi
BigMint’s Indian hot-rolled coil (HRC, S275) export index for Europe (EU) remained stable w-o-w at $530/tonne (t) FOB main port amid uncertainty regarding the CBAM.
The HRC (SAE 1006) export index for the Middle East dropped by $10/t w-o-w to $480/t FOB. Notably, an unconfirmed deal from India to ME was heard concluded for December shipments.
Overall, global market sentiment remained slow due to uncertainty around the CBAM regulation.
1. HRC offers to EU remain stable w-o-w: Indian HRC export offers to the EU remained stable w-o-w, with offers hovering around $580-585/t CFR Antwerp ($530-535/t FOB India). Demand for imported HRCs in Europe was steady, but market activity remained subdued due to the EU’s upcoming regulatory framework creating uncertainty.
Domestic demand for European HRCs remained subdued. Market activity in the region slowed, with distributors generally holding high stocks and working through inventories at a slower pace, as there is no real demand improvement. This suggests that the recent price recovery is being driven by expected regulatory changes, such as the New Year deadline for CBAM-free clearance, rather than fundamental demand strength.
2. HRC offers to Middle East drop w-o-w: Indian HRC export offers to the Middle East stood at $505/t, down by $10/t w-o-w as compared to $515/t a week ago. Moreover, an unconfirmed deal for around 20,000 t was heard concluded at around $500/t for December shipment.
Chinese HRC export offers to the Middle East dropped by $10/t w-o-w to $480/t CFR UAE as compared to $490/t CFR UAE last week. A source noted, “Domestic demand remained stable in the region, but buyers were actively trying to negotiate prices below the current quoted levels.”
3. Indian HRC offers to Vietnam remain flat w-o-w: Indian HRC export offers to Vietnam remained flat w-o-w at $500/t CFR Ho Chi Minh City (HCMC), though domestic demand in the region remained slow as Typhoon Kalmaegi hit certain areas of Vietnam, causing widespread destruction and disruptions.
HRC futures (January 2026 contract) on the Shanghai Futures Exchange (SHFE) dropped by RMB 33/t ($5/t) w-o-w to RMB 3,248/t ($456/t) on 11 November 2025, compared to RMB 3,281/t ($461/t) as on 4 November 2025. However, on a d-o-d basis, contracts inched up by RMB 7/t ($1/t) against RMB 3,241/t ($455/t).
Outlook
Indian HRC export offers are expected to remain range-bound in the near term, as buying interest stays limited across major destinations. EU demand is likely to stay weak amid regulatory uncertainty, while Middle East buyers continue to seek lower prices following recent deals at reduced levels. Global demand remains subdued, and competitive Chinese offers are expected to keep market sentiment cautious in the coming weeks.
Leave a Reply