[SMM Steel] Turkey Import Billet Prices Stable as Domestic Prices Rise

This week, HRC prices were basically flat WoW, while overall transactions increased from the previous week. Supply side, the impact from rolling line maintenance decreased MoM, and overall HRC production rebounded. Demand side, pre-holiday restocking demand surged, driving apparent demand up WoW. Inventory side, this week SMM's nationwide HRC social inventory across 86 warehouses (large sample) stood at 4.5356 million mt, down 116,200 mt WoW, or -2.5% WoW, and up 23.27% YoY. By region, inventories across the country declined to varying degrees, with central China and north China seeing the most notable drops. Cost side, the cost side showed no significant fluctuations this week. Looking ahead, the current peak-season demand trend remains weak, and steel mills and traders are under price pressure. However, with the Mid-Autumn Festival and National Day holidays combined, the extended break still provides support from pre-holiday restocking demand. Prices are expected to hold firm and consolidate around current levels, with the most-traded contract likely to trade in the 3,270-3,340 range.

[Vietnam] Indonesian-origin Q355 HRC was offered at around USD 550/tonne CFR Vietnam, compared with approximately USD 540/tonne CFR for Indonesian SAE1006 material. The broader Vietnam HRC market remained around USD 535/tonne CFR, while buyers showed limited acceptance of higher-priced cargoes and continued to take a cautious approach to procurement.

[India Export] Indian HRC export indications held at 640USD/tonne FOB India and 715–730USD/tonne CFR North Europe on September 24, while billet remained at 465–470USD/tonne FOB India. No fresh transactions were reported at these levels. Firm domestic HRC realisations and limited spot availability kept mills focused on local sales, while European buyers remained cautious about quota access and shipment timing. The wider export market was similarly quiet: Chinese HRC prices were broadly stable with limited sales to distant destinations, and GCC buyers continued to purchase selectively.