[SMM India Export Weekly Review] Indian HRC Export Offers Firm; Europe Remains the Main Focus

Published: Oct 09, 2026 15:15 (GMT+8)

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Indian HRC export offers strengthened during the week, with Europe-linked references around 670USD/tonne FOB India, compared with around 660USD/tonne at the start of October. Offers into North Europe were heard at 750–760USD/tonne CFR, although fresh transactions at the higher levels remained unconfirmed as buyers weighed quota availability and customs-clearance requirements. The India-origin HRC reference for Vietnam stood around 575USD/tonne CFR, but no fresh firm Indian mill offers were confirmed, while Middle East indications were heard at 620–630USD/tonne CFR. Europe therefore remained the principal focus of higher Indian export offers, with limited participation in Vietnam. Domestic Indian HRC moved from around 63,000INR/tonne EXW Mumbai earlier in the week to approximately 664USD/tonne (64,000INR/tonne) EXW Mumbai, excluding 18% GST, and held at that level in the latest checks. These firmer domestic prices suggest limited room for mills to discount export offers, particularly after inland freight, port charges and financing costs. For billet, the latest verified SMM price was 467.5USD/tonne FOB India. Buyer acceptance of higher European HRC offers remains the key test for fresh export bookings.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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