[India’s Major Port Cargo Traffic Rises 8% in H1 FY26-27, Supporting Steel Raw Material Trade]

Malaysia's steel market maintained a firmer pricing trend this week, with domestic HRC and rebar quotations moving higher while wire rod prices remained stable. Domestic HRC offers rose by MYR 20/tonne from September 30 to MYR 2,220/tonne EXW, while 16mm B500B rebar quotations increased by MYR 50/tonne to MYR 2,230/tonne EXW. However, the rebar comparison involves different suppliers and does not necessarily reflect a like-for-like mill price increase. C12D wire rod remained unchanged at MYR 2,300/tonne delivered. Despite firmer quotations, downstream demand remained subdued, with some stockists previously reporting selling prices MYR 20–30/tonne below mill reference levels amid persistent inventory pressure. On the import front, Chinese HRC was offered at USD 520–530/tonne CFR Port Klang, equivalent to approximately MYR 2,125–2,166/tonne, representing an initial MYR 54–95/tonne discount against domestic ex-works prices. Indonesian wire rod was quoted at approximately USD 525/tonne CFR Malaysia, equivalent to MYR 2,145/tonne, around MYR 155/tonne below domestic delivered quotations. Competitive import offers have attracted interest from Malaysian buyers, particularly steel mesh manufacturers, although the preliminary price advantages exclude additional port handling, customs clearance and inland transportation costs. Separately, CSC Steel's pickling and oiling line is reportedly scheduled for maintenance in late November, with minimal production disruption anticipated. Looking ahead, Malaysian steel prices are expected to maintain a stable-to-firm posture, supported by higher domestic mill quotations. However, sluggish downstream consumption, stockist inventory pressure and increasingly competitive import offers could limit further upside. Market participants will closely monitor actual import bookings, inventory movements and whether higher domestic offers translate into confirmed transactions.

CBAM has applied to EU steel imports since January 2026, and the first annual bill, covering this year's imports, falls due on 30 Sept 2027. At the Q3 2026 certificate price of EUR 82.32, Indian HRC carries a CBAM cost of about EUR 278/tonne, Chinese EUR 179 and Japanese EUR 80. The gap comes from origin-specific default values and the production route assigns to each origin. SMM's Steel CBAM Calculator is now live, you can calculate the number of certificates required per tonne and total cost.

Under the combined effects of the "Shanghai Eight Measures" policy and the detailed rules for commercial housing sales reform, Shanghai's property market carried the recovery momentum from the "September peak season" into the National Day holiday. According to data from the China Index Academy, in September, Shanghai's new commodity residential housing transactions reached 1.179 million m², up 22.1% YoY. The second-hand housing market remained active during the same period, with a cumulative total of 23,581 online contracts signed for second-hand homes (including commercial properties) that month, up 15.7% YoY, hitting a new high for the same period in nearly six years. Since March this year, Shanghai's second-hand home trading volume has held above 23,000 units for the seventh consecutive month, with the market recovery momentum clearly visible. This heat also carried into the National Day holiday. According to statistics from Shanghai Centaline Property, during this year's National Day holiday (October 1–7), Shanghai's new commodity residential housing transaction area reached 34,600 m², doubling from the 17,300 m² recorded during last year's holiday period (October 1–8).