Tender prices for ferromolybdenum from steel mills in multiple regions released at approximately 338,500 yuan/mt

POSCO will invest $359 million to build a continuous galvanizing line for automotive steel at its Gwangyang integrated steelworks. The facility will have an annual production capacity of 450,000 tonnes and become the site’s eighth continuous galvanizing line, raising POSCO’s total hot-dip galvanized steel capacity from 4.5 million tonnes to 4.95 million tonnes per year. It will focus on steel for automotive outer body panels.

[European Union] The Northwest European HRC index rose by around USD 2/tonne to USD 855/tonne EXW, while the Italian index edged down to USD 850/tonne EXW. The Italian import assessment increased by around USD 6/tonne to USD 674/tonne CIF. An Indian mill offered material to Italy at approximately USD 714/tonne CIF, while Turkish coils were available at around USD 600/tonne FOB. Buying remained limited despite fewer supply options.

[India Export] Indian HRC discussions into Europe were centred around 695–700USD/tonne CFR. A higher offer of around 715USD/tonne CFR Europe was also heard, although no transaction was confirmed at this level. European demand has improved amid production cuts, with ArcelorMittal raising its Southern European HRC offer by 20EUR/tonne (23USD/tonne) to around 790EUR/tonne delivered for November. Vietnam remains unattractive for Indian sellers given the higher realizations available in Europe and the domestic market. Indian billet export offers were heard at 485–490USD/tonne FOB India. Domestically, HRC remained around 633–654USD/tonne (60,000–62,000INR/tonne) EXW Mumbai. Higher coking-coal costs are supporting mills’ resistance to lower prices, while Indian HRC prices have already increased by around 4,000INR/tonne between August and early September.