[SMM Steel] Indian HRC Export Prices Hold Steady; Domestic Sentiment Supported by Costs

Steel Authority of India Ltd (SAIL) outlined a target of selling approximately 3 million mt of subgrade iron ore fines in FY2026–27 as part of efforts to monetize an accumulated stockpile of around 32 million mt. During the company’s 28 July investor call, Chairman and Managing Director Ashok Panda said approximately 3 million mt had already been offered for auction, with bid prices awaited at the time. Management cited demand for subgrade fines containing around 59–60% iron and Bolani tailings containing approximately 56–58% iron. Logistics remained a constraint, with SAIL seeking better railway rake availability and increased road dispatches to support ore shipments.

Bharat Heavy Electricals Limited’s Haridwar plant has opened a tender for 40 tonnes of ferromolybdenum. The procurement uses a reverse auction and may be split 60:40 between up to two suppliers. The delivery schedule calls for 25 tonnes within 30 days of the contract start and 15 tonnes within 60 days. Under the price-adjustment formula, 80% of the invoiced price is linked to the Argus 60% Mo ferromolybdenum ex-works India index. The tender also includes a quantity option of up to 25%. No award or transaction price has yet been disclosed.

[Vietnam] Vietnam's import HRC market remained stable, with ASEAN HRC assessed at USD 537/tonne CFR Vietnam. Indonesian-origin SAE1006 HRC was offered at around USD 538/tonne CFR, while buyers indicated bids near USD 532/tonne CFR, leaving limited prospects for deals due to the wide gap. Indian-origin SAE HRC was available at around USD 550/tonne CFR but attracted little buying interest.