[SMM Steel] Intensifying quota competition drives discounted deals, Indian HRC exports CFR Europe continue to fall.

Published: Jul 20, 2026 17:51

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[India] This week, the assessed CFR Europe price for Indian HRC fell 10 USD/tonne to 640 USD/tonne (FOB indications at 560–570 USD/tonne). Although nominal CFR offers remained at 650–660 USD/tonne, actual transaction prices for large orders have been pushed down to 635–640 USD/tonne (small orders quoted at 650 USD/tonne and above). Over the past two weeks, EU clients have ordered a total of around 100,000 tonnes, prompting Indian steel mills to rush shipments; currently, of the EU's total HRC quota of 149,319 tonnes for India, less than 50,000 tonnes remains uncleared, with shipments concentrated in July-August to ensure arrivals at ports from end-August to early September. Additionally, trade with the Middle East has been disrupted by shipping and port congestion, and the detailed rules for sharing quotas under the EU free trade agreement remain uncertain.

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