[SMM Steel] Indian HRC Export Sentiment Firms as Europe Remains Key Outlet

Published: Sep 7, 2026 16:46

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[India Export] Indian HRC export sentiment strengthened, with some market participants indicating that CFR Europe levels are approaching 695USD/tonne, compared with discussions around 680USD/tonne earlier. Europe is currently seen as the more viable outlet for Indian mills, with seasonal demand expected to remain firm while production cuts across the region could tighten domestic supply during the winter period. Export prospects into Southeast Asia appear more limited for now, although the recent Formosa incident could influence regional supply-demand dynamics. SMM tracking shows several vessels currently loading steel coils at Dhamra and Paradip, although their destinations remain unconfirmed while the vessels are still at berth. In the domestic market, HRC prices are presently close to 635USD/tonne (60,000INR/tonne) EXW Mumbai. The market could see some interim correction before stabilizing around 614–635USD/tonne (58,000–60,000INR/tonne) in the near term. Elevated inventories could lead to temporary corrections, but a sustained decline is considered less likely as coking-coal and other raw-material costs remain firm and demand expectations remain positive.

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