[SMM India Weekly Review] HRC Export Offers to Europe Firm; Billet Export Indications Rise

There have been no price changes at all since last week: wire rod (495→505 USD/metric ton), slab (480→485 USD/metric ton), HRC (515→525 USD/metric ton), and billet (475→480 USD/metric ton). This is due to the “wait-and-see” situation that has persisted since last month. Additionally, information regarding external factors, such as products from China, is minimal or nonexistent, as Chinese suppliers are currently reluctant to lower their prices. Currently, there are reports that the Indonesian rupiah may strengthen, but its impact on prices is minimal. If these conditions persist, no price movements are expected, as it appears no party is willing to take the first step—unless a major event occurs, such as the Formosa incident, or a significant and sudden catalyst triggers a shift, in which case the market will react immediately.

[Indonesia] Currently, wire rod prices stand at 505 USD/metric ton FOB. Prices have shown no movement for a week due to the still-uncertain market situation, compounded by a complete lack of indications from external drivers (Chinese steel mill prices, coke prices, etc.). Buyers remain in a wait-and-see mode, while mills are also reluctant to lower prices as there are no compelling factors forcing them to do so. Even news of scheduled maintenance around late September has not prompted buyers to purchase the product, as the mills have stated that this should not hinder production. Prices will remain stable unless there are major driving factors or a significant situation arises that necessitates an urgent price decrease or increase.

PT Multi Colour Indah Indonesia (Mulcindo) showcased its latest innovation, the Corramco Steel Pipe — a corrugated steel pipe made from galvanized steel coated to prevent corrosion — at the Mining Indonesia 2026 exhibition, running September 9-12 at JIEXPO Kemayoran, Jakarta. Mulcindo Director Suwirja Dinata said the product, manufactured at the company's Gresik facility, offers a range of advantages, as the company continues expanding its steel-based product lineup amid growing infrastructure development across the country.