- EU buying remains cautious on weak demand and quota uncertainty
- Middle East and Vietnam offers on hold amid growing domestic focus
Indian HRC export offers to the European Union (EU) increased w-o-w during the assessment week ended 21 October 2026, supported by firm domestic realisations. However, no fresh bookings were reported as buyers remained reluctant to accept higher prices amid weak downstream demand. Meanwhile, offers to the Middle East and Vietnam remained on hold as mills continued to prioritise domestic sales, limiting export availability to both destinations.
HRC export offers to the EU increase w-o-w: Indian HRC export offers to the EU rose by around $5/t w-o-w to $735/t FOB from $730/t in the previous week. However, buying interest remained subdued amid weak downstream demand and sufficient inventories in Northern Europe, limiting fresh procurement. Consequently, no new bookings were reported during the assessment period.
Meanwhile, uncertainty over quota utilisation remained a key concern for buyers, weighing on fresh booking activity in the region.
Export offers to Middle East and Vietnam on hold: Indian HRC export offers to the Middle East and Vietnam remained on hold as mills prioritised domestic sales amid firm local realisations, restricting fresh export availability to both destinations.
Meanwhile, Chinese HRC export offers to the Middle East remained stable w-o-w at around $605/t CFR. However, geopolitical concerns, higher freight costs, limited insurance availability and uncertainty over shipment schedules continued to hamper trade activity.
Outlook:
Indian HRC export activity is likely to remain subdued in the coming week, with weak EU demand expected to limit fresh bookings. Meanwhile, export availability to the Middle East and Vietnam is likely to remain unavailable as mills continue to prioritise domestic sales amid firm local realisations.
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