[SMM Steel] Indian HRC Export Levels Diverge as Domestic Mills Raise Prices

Published: Sep 3, 2026 16:37

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[India Export] Indian HRC offers to the GCC were heard at 550–560USD/tonne FOB India, although sluggish demand was pulling executable negotiations towards 525–530USD/tonne FOB. For Europe, ex-India indications remained higher at around 580USD/tonne FOB, translating to over 660USD/tonne CFR southern Europe. Market participants pointed to a possible deal at around 655USD/tonne CFR Europe, although the transaction remained unconfirmed. Indian billet export indications were largely stable at 465–470USD/tonne FOB. Vietnamese domestic HRC for October shipment was priced at 14,240VND/kg (around 545USD/tonne) CFR Ho Chi Minh City. Indian HRC sellers had remained away from Vietnam while awaiting steelmakers’ latest price announcements, but could become active again in the coming days, with indicative levels for Vietnamese buyers at around 510USD/tonne FOB India. Domestically, rising coking-coal costs and hopes of a demand revival after the monsoons prompted mills to raise HRC prices to around 628–649USD/tonne (60,000–62,000INR/tonne). However, some market participants questioned whether these higher levels could be sustained.

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