[SMM Steel]

[Sheets & Plates] HRC and some other sheets & plates export prices fell $1-2/mt WoW today, with HRC transaction prices concentrated in the $490-494/mt range. Producers lowered export prices today, with some producers in North China cutting prices to below $490, and steel mills in Northeast China also reducing prices from earlier levels. Only small-volume transactions were heard in the market.

[India Export] India's steel market maintained a firm tone, with domestic supply constraints continuing to support HRC prices despite relatively subdued buying activity. On the export front, a billet shipment to Jordan was discussed in the market, although its booking price and transaction timing remain unconfirmed. Fresh HRC export transactions were also limited in the latest market discussions. Domestically, Mumbai HRC prices were heard at approximately 658–663 USD/tonne (62,500–63,000 INR/tonne) EXW, with some indications reaching 669 USD/tonne (63,500 INR/tonne). Sellers continued to maintain firm offers amid concerns over near-term availability. Tata Steel's Meramandali facility is reportedly undergoing maintenance lasting around three weeks, while maintenance activity at JSW Steel was also mention. Overall, market participants expect domestic steel prices to remain supported in the near term, although sustained increases will depend on actual demand and the extent of production disruptions.

European steelmakers have restarted approximately 10 million tonnes of crude steelmaking capacity in 2026, while investment decisions totalling at least EUR 3.4 billion have been made during the year, the European Steel Association (EUROFER) said on October 13. The association expects a further EUR 2.4 billion in investment decisions by year-end and estimates that the capacity restarts are helping preserve up to 80,000 jobs across the steel value chain. EUROFER linked the improving industry confidence to the EU's strengthened steel trade measures introduced on July 1. However, the association cautioned that the developments indicate early stabilisation rather than a sustained recovery, with EU steel demand projected to grow by only 0.1% in 2026. The 10 million-tonne figure represents restarted production capacity, not confirmed incremental steel output.