Data: SHFE, DCE market movement (Oct 12)

[India Export] Indian HRC export interest remained subdued, with sellers favouring domestic sales and fresh offers to Vietnam and the Middle East limited. Europe remained the main focus, with HRC indications around 670USD/tonne FOB India, although seller interest exceeded buyer appetite. Market participants indicated that prospective European business was subject to January/first-quarter 2027 quota clearance. Billet export indications remained steady, while trading activity stayed quiet. Domestically, robust automotive demand and supply shortfalls in certain pockets supported HRC sentiment, with Mumbai prices heard around 64,700INR/tonne ex-yard, excluding GST. These conditions continued to limit sellers’ urgency to export. Participants nevertheless saw scope for cautious export bookings over the coming weeks into November, amid uncertainty over how long elevated domestic prices could be sustained.

[Steel Billet] Today, export FOB prices for square billet rose by USD 1–2/t, with quotes at Jiangyin Port standing at USD 460–465/t. According to market research, mills concentrated on securing export billet orders before the holiday; after the holiday, overseas buyers have made inquiries, but downward pressure on prices remains strong, leaving some exporters with no choice but to cut prices to close deals.

[SMM Steel] According to market feedback, the current offshore price for 3SP billets with a specification of 150*150mm is quoted at USD 462/ton, with the port of shipment being Jiangyin Port.