[SMM Steel] Indian HRC Export Indication for Europe Firms to 650USD/tonne FOB

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.

[Vietnam] ASEAN HRC prices remained stable at USD 537/tonne CFR Vietnam. Local buyers largely adopted a wait-and-see approach ahead of new offers from Vietnamese producers next week for December delivery. Market sources expect the new offers to rise by USD 10-15/tonne from early-September levels to USD 550-552/tonne CIF, with near-term purchasing activity likely to depend on the actual adjustment.