[SMM Steel]

[India Export] India’s HRC export market showed a firmer tone, with some sellers seeking around 508–510USD/tonne FOB India for Vietnamese buyers. Several primary mills also have HRC cargoes either recently departed or currently being loaded, with some expected to reach Europe around the opening of the next quota period. Billet export indications were heard at 465–470USD/tonne FOB India. Imported ferrous scrap remained largely flat, with shredded scrap around 410USD/tonne CFR India. Domestically, HRC sentiment strengthened, with indications that Ex-yard Mumbai prices could move close to 59,000INR/tonne. Overall, HRC showed the strongest upward momentum, while billet and scrap remained comparatively stable.

This week, mines and beneficiation plants in Shandong quoted 64% grade alkaline powder at 810 yuan ex-mine on a dry, pre-tax, acceptance basis, and steel mills raised prices in tandem. Most mines and beneficiation plants maintained normal production as planned; steel mills, especially those in Hebei, purchased actively, with small mills and traders shipping according to scheduled orders. Trading in the region was relatively active throughout the week, and miners held no excess inventory. Recently, iron ore futures have shown a strong trend, which may lift domestic concentrate prices.

[Steel billet] Today, the export FOB price of billet edged up by $4/mt, with Jiangyin Port quoted at $465–470/mt. According to feedback, the recent increase in billet export offers was larger than that of some overseas exporters, and its price advantage was relatively weak, especially in the Southeast Asian market, where it was difficult to compete. By contrast, some deep-sea orders were received.