- HRC export index to EU hits 4-month high amid firm offers
- Middle East, Vietnam offers on hold as mills prioritise domestic market
Indian HRC export offers rose w-o-w across key destinations in the assessment week ended 8 September 2026, supported by stronger domestic realisations and limited export availability. With most export volumes already committed and domestic prices moving higher, mills are prioritising domestic sales and showing limited interest in additional export business. This has kept seller price expectations firm, while buyers remain cautious at elevated levels. In the EU, selective bookings were reported for the Q1CY’27 quota period, although overall sentiment remained cautious. Meanwhile, offers to Vietnam and the Middle East remained on hold.
HRC export offers to EU rise w-o-w: Indian HRC export offers to the EU surged by $35/t w-o-w to around $640/t FOB, from $605/t a week earlier, with BigMint’s Indian HRC export index to the EU reaching a four-month high, supported by stronger domestic realisations and limited export availability from mills. A booking of around 8,000 t was reportedly concluded at around $690/t CFR for the Q1CY’27 quota period, with freight to Antwerp estimated at around $70/t.
A major Indian steel exporter stated, “The recent booking at this level was mainly driven by an immediate requirement from a regular customer and the existing relationship.” However, the exporter added that the mill is not willing to offer at such low levels for additional volumes.
An EU-based source said, “Indian mills are continuing to raise export offers in line with the domestic market. This has reduced the competitiveness of Indian material in the EU, with successive weekly increases further widening the gap between Indian mills’ price expectations and buyers’ acceptable levels, keeping market activity limited.”
HRC export offers to Middle East, Southeast Asia remain on hold: Indian HRC export offers to the Middle East and Vietnam remained on hold as mills prioritised domestic sales amid stronger realisations, with HRC exy-Mumbai prices (2.5-8mm CTL, IS 2062, Gr E250 Br.) at a four-year high of around INR 61,700/t ($/t) and limited availability for export. With most export allocations already committed, mills showed little interest in taking on additional export business, keeping availability for these markets limited.
Outlook
Indian HRC export offers are likely to remain firm in the coming week, supported by stronger domestic realisations and limited export availability. In the EU, buyers are expected to remain in a wait-and-watch mode amid elevated Indian offers and a widening gap between seller expectations and acceptable buying levels. In the Middle East and Vietnam, offers are likely to remain on hold as mills continue to prioritise domestic sales.
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