[SMM Steel] Nucor Leads US HRC Spot Price Hikes; California Offers Hit 1,200 USD/st Mark

[EU] Yesterday, higher-than-expected import tariffs exerted significant upward pressure on the European hot-rolled coil (HRC) market, strongly boosting bullish sentiment. Although current EU HRC offers edged down slightly to 810–820 USD/tonne EXW, Northwest European mills remain reluctant to take on new orders amid the traditional slow season and are firmly maintaining their pricing stance. Meanwhile, HRC offers in the Italian market held steady at 820–830 USD/tonne delivered, though overall spot trading activity remains sluggish.

Stronger HRC realizations and a higher share of value-added steel helped Jindal Steel offset lower sequential production and rising raw material costs in Q1FY27. As India's steel demand continues to outpace global markets, the company's earnings outlook will depend on capacity ramp-up, domestic steel prices, coking coal costs and import competition.

During the survey period (July 21–July 27), rebar supply in Central China was stable, while both the operating rate and capacity utilization rate of wire rod declined.