- HRC offers to Middle East decline
- Export offers to Nepal down $10/t w-o-w
BigMint’s Indian hot-rolled coil (HRC, S275) export index for the European Union (EU) remained stable w-o-w at $520/t FOB main port. No fresh offers were heard, as India’s export quota to the EU for the October-December quarter has been exhausted. “India’s quarterly quotas for HRC are being filled rapidly, leading to no current offers. Inquiries have decreased because clients are refusing to buy Indian material due to higher costs over the quota threshold,” says a reliable source.
Furthermore, the Indian HRC (SAE 1006) export index monitoring the Middle East market remained unchanged due to stable domestic demand in the region ahead of approaching National Day holidays.
1. HRC offers to EU stable w-o-w: Indian HRC export offers to the EU remained stable at $570/t CFR Antwerp for the week despite no fresh bids. The absence of new offers stems from the mills having completely utilised their 227,781.67 tonnes (t) allocated quota for the October-December quarter.
European steel demand is presently muted, with buyers maintaining ample stocks and taking a cautious stance on fresh purchases. Nonetheless, domestic prices stay robust, mainly buoyed by the impending Carbon Border Adjustment Mechanism (CBAM) and new trade rules that curb interest in low‑cost imports, thereby sustaining a bullish outlook among European sellers.
2. HRC offers to Middle East decline w-o-w: Indian HRC export offers to the Middle East remained unchanged w-o-w at $500/t CFR UAE. Chinese HRC offers to the Middle East remained stable w-o-w at $480/t CFR UAE. This stability in prices is attributed to slow domestic demand in the Middle East. As per BigMint sources, “the impending long holiday for UAE National Day next week is contributing to slow market demand”.
HRC futures on the Shanghai Futures Exchange (SHFE) January 2026 contracts edged up by RMB 22/t ($3/t) w-o-w to RMB 3,305/t ($466/t) as on 25 November 2025 compared to RMB 3,283/t ($463/t) as on 18 November.
3. HRC offers to Nepal: India’s HRC export offers to Nepal dropped by $10/t w-o-w, with offers hovering around $490/t CFR Raxaul as compared to $500/t a week ago. Moreover, a deal of 20,000 t has been heard concluded at similar price levels for December shipments, showing improved domestic demand.
Outlook
Indian HRC export offers are expected to remain stable in the short term. With the quarterly quota now fully used, fresh shipments to Europe will stay low keeping supply tight even as buyer interest remains muted. In the Middle East, the upcoming National Day holiday is expected to dampen export activity. Indian shipments are likely to stay constrained until global steel demand improves.
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