[SMM Steel]

[Rebar] Today, rebar export quotations at Tianjin Port remained stable, with overall transaction prices ranging from USD 485-490/ton. According to exporters, the ferrous futures market fell across the board today, leaving market sentiment deeply entrenched in a wait-and-see mode. Inquiries were mediocre, overseas end users showed strong intentions to push prices down, and overall transaction activity remained weak.

[SMM Steel] Market feedback: Currently, the FOB price for B500B rebar with a specification of Φ18mm is quoted at USD 487/ton, with the loading port being Tianjin Port.

[India Export] Indian HRC sellers were heard seeking around 660USD/tonne CFR Europe and 530USD/tonne CFR Vietnam. Market participants said India’s EU quota was effectively full after accounting for material already en route and cargoes held at customs warehouses in the EU. They therefore expect Indian HRC cargoes shipped in late October or November to be positioned for January customs clearance and believe these later shipments could secure stronger prices. The Southeast Asian market is meanwhile awaiting price revisions from major Vietnamese mills, which will provide the next direction for regional HRC offers. In the domestic market, HRC prices increased by around 26USD/tonne (2,500INR/tonne) to approximately 630USD/tonne (60,000INR/tonne) EXW Mumbai. IMD’s normal calendar places the beginning of southwest monsoon withdrawal from northwest India around September 17. Market participants expect steel demand to strengthen as the monsoon recedes and the festive season begins, supporting a pickup in construction and infrastructure activity.