Indian HRC export offers show mixed trends w-o-w across key destinations

• EU offers rise on stronger domestic realisations, recent bookings
• Middle East, Vietnam offers remain on hold as mills prioritise domestic sales

Indian HRC export offers showed mixed trends w-o-w across key destinations in the assessment week ended 22 September 2026. EU offers moved higher, supported by stronger domestic realisations and levels achieved in recent bookings, which allowed mills to raise their price expectations. Meanwhile, offers to the Middle East and Vietnam remained on hold as mills continued to prioritise domestic sales, while existing export allocations were already committed.

HRC export offers to EU rise w-o-w: Indian HRC export offers to the EU rose by around $10/t w-o-w to $660/t FOB, from $650/t a week earlier, supported by stronger domestic realisations and higher levels achieved in previously concluded bookings, which encouraged mills to raise their export price expectations. Meanwhile, around 25,000 t was reportedly booked at approximately $725/t CFR Antwerp for November shipments, with freight estimated at $70/t.

An EU-based source stated, “The opening of the new quota window has prompted buyers to return to the market and secure volumes. However, the broader market remains cautious as prices continue to move higher, with buyers remaining watchful of further price increases.”

HRC export offers to Middle East, Southeast Asia remain on hold: Indian HRC offers to the Middle East and Vietnam remained on hold, as mills had limited availability for fresh export business. With most export allocations already committed and domestic realisations remaining stronger, mills continued to focus on domestic sales rather than actively offering additional export volumes.

Meanwhile, Chinese HRC export offers to the region remained unchanged w-o-w at around $585/t CFR, with freight to Fujairah estimated at around $75-80/t. However, trade activity remained subdued as elevated freight costs continued to weigh on the competitiveness of Chinese-origin material, limiting buyer interest despite stable offer levels.

Outlook

Indian HRC export offers are likely to remain firm in the coming week, supported by stronger domestic realisations and limited availability for fresh export business. EU prices could see further upward movement as buyers secure volumes under the new quota window, although higher price levels may keep broader buying activity measured. Meanwhile, offers to the Middle East and Vietnam are expected to remain on hold as mills continue to prioritise domestic sales and have limited incentive to pursue fresh export business.