[SMM Steel] India Domestic Steel and Scrap Prices Trend down

[Sheets & Plates] Today, export prices for some HRC and other sheets & plates rose $1-2/mt WoW, with HRC transaction prices concentrated in the $492-495/mt range. Overall market trading sentiment improved, but some clients had already purchased heavily before the holiday and have little post-holiday procurement demand.

[India Export] Indian HRC references held around 670USD/tonne FOB India for Europe, with offers at 750–760USD/tonne CFR North Europe and Middle East indications at 620–630USD/tonne CFR. The Vietnam reference remained around 575USD/tonne CFR, with no fresh firm Indian mill offers confirmed. Billet stood at 467.5USD/tonne FOB India. Domestically, HRC held around 664USD/tonne (64,000INR/tonne) EXW Mumbai, excluding 18% GST. Market participants said Tata Steel’s Meramandali maintenance could last around three weeks, with distributors reportedly told to expect only 15% of their usual HRC allocations. Two other major steelmakers reportedly had full order books covering domestic or export commitments. Participants consequently expect a near-term HRC shortage, supporting domestic sellers’ firm stance, while higher European offers still await confirmed transactions.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 09 Oct , 2026