[SMM Steel] Indonesian Slab Prices Rise for Second Straight Week

India’s industrial activity continued to grow in July 2026, with the Index of Industrial Production (IIP) rising 6.7% YoY, compared with 8.8% in June. Although growth slowed, July recorded the second-highest IIP growth since December 2025, showing that industrial activity remained relatively strong. For the domestic steel market, manufacturing, capital goods and infrastructure remain important areas to watch as they are key drivers of steel demand.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 02 Sep , 2026

[India Export] Indian HRC sellers were heard seeking around 660USD/tonne CFR Europe, with some targeting as high as 680–690USD/tonne. Meanwhile, SMM tracking suggests that primary Indian steelmakers are loading close to 70,000tonnes of HRC and steel plates at Indian ports. These cargoes appear unlikely to be Europe-bound because substantial India-origin volumes are already en route, while additional material is held at European customs warehouses awaiting clearance. Market participants therefore expect most new Europe-bound shipments to be timed against the next quarterly quota window. The destinations of the cargoes currently being loaded remain unconfirmed, although the Middle East and other non-European markets are possible outlets. Indian billet export indications remained at 465–470USD/tonne FOB India. Domestically, HRC was around 632–653USD/tonne (60,000–62,000INR/tonne) EXW Mumbai. Demand could revive as the monsoon recedes and construction activity improves, while market participants reported tight coking-coal availability and expect prices to rise, potentially providing further cost-side support to Indian steel prices.