[SMM Steel] West Asian Buyers Active for Indian Billet and Rebar; Vietnam HRC Bids Remain Low

Published: Aug 12, 2026 16:24

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[India] West Asian buyers remained active in the Indian steel market, with the latest billet transaction heard at around 450 USD/tonne FOB India. Export inquiries for Indian rebar from the region were also reported to be healthy.

Domestic billet prices edged higher. Mandi Gobindgarh MS billet and ingot prices rose by 1 USD/tonne (100 INR/tonne) day on day to 443 USD/tonne (42,300 INR/tonne). Eight of the 19 assessed regional billet markets recorded gains, while two declined and nine remained unchanged.

Meanwhile, Vietnam’s HRC market remained oversupplied, with price reductions by leading domestic producers continuing to weigh on import bids. Hoa Phat lowered its September-delivery domestic HRC price by around 14 USD/tonne to approximately 535 USD/tonne CIF Vietnam, while Formosa Ha Tinh reduced its large-volume offer by 8 USD/tonne to 522 USD/tonne CFR Ho Chi Minh City. Against this backdrop, Indian HRC offers were heard at around 515 USD/tonne CFR Vietnam.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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