Spot SiMn Trading Remains Sluggish as the Chinese New Year Comes Closer, while the Futures Market Picks up

The proposed distribution under the India-Europe Free Trade Agreement (FTA) broadly reflects India’s historical export mix to the EU, but its fixed volume covers only 53.6% of average mapped trade during 2022–2024.

German Green Steel and Power is expanding steelmaking capacity at its integrated Samakhiyali facility in Kutch, Gujarat, according to the company’s red herring prospectus filed with the Securities and Exchange Board of India on September 21. MS billet capacity at the plant is being increased to 412,500 tonnes per year from 214,500 tonnes per year, adding 198,000 tonnes of annual capacity. Sponge iron capacity is being expanded to 148,500 tonnes per year from 66,000 tonnes per year, while TMT bar capacity will rise to 346,500 tonnes per year from 181,500 tonnes per year. The company operates two manufacturing facilities in Gujarat, at Samakhiyali and Viramgam. The Samakhiyali facility is vertically integrated.

[India Export] Indian HRC for Europe was indicated at around 650USD/tonne FOB India on September 25, up from around 645USD/tonne on Thursday. North European indications were 715–730USD/tonne CFR, but no fresh HRC export transaction was confirmed at the higher FOB level. Buying remained subdued as importers weighed quota access and customs-clearance timing. No current Indian billet export offers were heard. Mumbai HRC was indicated at around 625–630USD/tonne (60,000–60,500INR/tonne) EXW, basic and excluding GST. Market participants believe that a rise of around 21USD/tonne (2,000INR/tonne) is expected in October.