[SMM India Weekly Review] Indian HRC Export Discussions Remain Stable; Billet Holds at 465–470USD/Tonne FOB

Published: Sep 4, 2026 16:59

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Indian HRC sellers began the week seeking around 660USD/tonne CFR Europe and 530USD/tonne CFR Vietnam. By Friday, European offers remained at around 580USD/tonne FOB India, equivalent to 660–680USD/tonne CFR, while GCC discussions were heard at 520–540USD/tonne FOB India, or approximately 545–575USD/tonne CFR. The GCC range was closer to buyer expectations, although no transaction was confirmed. Indian activity in Vietnam remained limited, but the Formosa Ha Tinh incident could create a temporary supply gap for Indian mills to target. Domestic HRC rose by around 2,500INR/tonne early in the week before stabilising at 628–649USD/tonne (60,000–62,000INR/tonne) EXW Mumbai, while billet export indications remained stable at 465–470USD/tonne FOB India. SMM tracking showed approximately 29,489tonnes of HRC departing Dhamra, another 34,002tonnes of coils and plates loaded at Paradip, and a further 15,000tonne coil parcel nominated for loading at Paradip, although its loading status and the shipments’ final destinations remained unconfirmed.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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