Indian HRC export offers remain stable w-o-w amid slow global market activities

• Indian HRC export offers to EU stable amid weak demand
• Chinese offers to Middle East steady, slow activity before Eid

Indian hot rolled coil (HRC) (S275) export offers to the European Union (EU) stayed firm w-o-w. However, trade activities in the region remained subdued.

Additionally, Chinese HRC offers to the Middle East (ME) stayed stable w-o-w, with the upcoming Eid-al-Adha festival keeping trade activity steady in the region. Indian mills are showing limited interest in offering to the Middle East due to competitive pricing from Chinese suppliers, as they continue to achieve better profit margins in the domestic market.

1.Indian offers to EU stable w-o-w: Indian HRC export offers remained range-bound w-o-w, hovering at around $630-635/t CFR Antwerp ($580-585/t FOB eastern Indian port). Moreover, this stability is attributed to subdued demand with market sentiment staying bearish. Furthermore, Indian steel producers are said to be prioritising the domestic market, where they are achieving better price realisations.

2.Chinese HRC offers to ME hold steady w-o-w: China’s HRC export offers to the ME remained stable w-o-w, with offers ranging at $480-485/t CFR UAE. The demand in ME remained slow ahead of Eid al-Adha in the region. Moreover, “the market remains sluggish, impacted by both the upcoming Eid holidays and uncertainty following Mr. Trump’s announcements”, says a reliable source. Meanwhile, Indian mills aren’t actively offering amid China’s competitive offers.

3.Vietnam market weak: The Hoa Phat Group, a Vietnamese steel major, has rolled over its monthly HRC (SAE1006, non-skin-passed) prices. Current prices are approximately $513/t or VND 13,369,794/t for the southern region for Jul’25, excluding VAT. This stability in HRC prices is due to weak market sentiment and slow demand.

Moreover, China’s HRC futures on the Shanghai Futures Exchange (SHFE) declined by RMB 69/t ($10/t) w-o-w to RMB 3,048/t ($424/t) as compared to RMB 3,117/t ($434/t) a week ago.

Outlook

The global HRC market is likely to stay under pressure in the near term amid cautious buyer sentiment and demand remained subdued due to upcoming holidays. Additionally, market participants are awaiting for domestic mills price announcements for June.