- Fully booked Q4 quota stalls EU buying activity
- Middle East enquiries improve, negotiations ongoing
Indian HRC export offers showed mixed trends across key destinations in the assessment week ended 11 Aug 2026. Offers to the EU remained stable as the October-December quota has already been fully booked, bringing buying activity to a standstill. In the Middle East, improved enquiries and previously concluded bookings supported higher offers, while Vietnam offers remained steady amid weak downstream demand, keeping transaction activity subdued.
HRC export offers to EU remain unchanged w-o-w: Indian HRC export offers to the EU remained unchanged w-o-w at around $590/t FOB, with the October-December quota already fully booked. A major Indian steel exporter stated, “Buying activity has stalled, as the available Q4CY’26 (October-December) quota is fully booked. Buyers are waiting for the next booking window, which is expected to open in October for the next quota period.”
Another EU-based source indicated, “The seasonal summer slowdown is also weighing on the EU domestic market, with many market participants away during the holiday period, resulting in slower trading activity across the region.”
HRC export offers to Middle East, Southeast Asia remain mixed w-o-w: Indian HRC export index to the Middle East and Southeast Asia remained unchanged w-o-w at around $510/t FOB, with higher offers to the Middle East offset by stable offers to Vietnam.
Offers to the Middle East rose by $5/t w-o-w to around $520/t FOB, from $515/t in the previous week, supported by previously concluded bookings and improved enquiries from the region, with freights to Fujairah estimated at around $60/t. A major Indian steel exporter stated, “Enquiries from the Middle East have increased, indicating improved buying interest from the region. Negotiations with buyers are currently ongoing, and if the discussions conclude at workable price levels, they could translate into bookings in the coming weeks.”
Meanwhile, Chinese HRC export offers to the Middle East also moved higher, rising by $15/t w-o-w to around $575/t CFR Jeddah, from $560/t previously. However, the increase was largely freight-driven, with shipping costs from China to the Middle East rising to around $80-90/t, while Chinese FOB offers remained broadly stable.
In Vietnam, Indian HRC export offers remained unchanged w-o-w at around $505/t CFR Ho Chi Minh City, amid weak downstream demand in the market. A major Indian steel exporter indicated, “Demand in Vietnam remains weak, with buyers’ target prices still below workable levels for mills. This is limiting the likelihood of transactions and keeping trading activity subdued across the region.”
Outlook
Indian HRC export activity is likely to remain mixed across key destinations in the coming week. EU buying activity is expected to remain stalled as the October-December quota has been fully booked and buyers await the next booking window. In the Middle East, improved enquiries and ongoing price negotiations could support bookings in the coming weeks if discussions conclude at workable price levels. Meanwhile, weak downstream demand in Vietnam is expected to keep buyers’ price expectations below mills’ workable levels, limiting near-term bookings.
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