[SMM Steel] Indian HRC Export Activity Remains Slow; Imported Scrap Holds Firm
[India Export] Indian HRC export activity remained subdued, with Europe-linked indications at 640USD/tonne FOB India with very few firm offers in the market. There were no fresh export transactions confirmed as mills continued to prioritise stronger domestic sales and existing order backlogs. Imported ferrous scrap remained firm: US-origin HMS 1&2 (80:20) was assessed at $375–380/tonne CFR India and UK-origin material at $370–375/tonne. In the domestic HRC market, Mumbai indications remained firm at around $668/tonne (INR 64,000/tonne) ex-yard and $626–632/tonne (INR 60,000–60,500/tonne) EXW, excluding GST. Tightening availability and firm raw-material costs continued to support domestic pricing, while export buying remained cautious.