[SMM Steel] Indian HRC and Billet Offers Supported by Higher Costs and Maintenance Concerns

Published: Oct 15, 2026 15:00 (GMT+8)

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[India Export] Indian HRC export indications for Europe stood around 750 USD/t CFR, while fresh billet export deals at higher asking prices remained unconfirmed. A SAIL source said escalation clauses in some coking-coal contracts use the preceding three months’ average prices, allowing earlier coal price increases to feed into October–November steelmaking costs and supporting higher billet offers. In the domestic market, Mumbai HRC indications were approximately 659–664 USD/t (62,500–63,000 INR/t) EXW, excluding GST, with some offers reaching 669 USD/t (63,500 INR/t). Market participants reported an approximately three-week maintenance shutdown at Tata Steel Meramandali and ongoing maintenance at JSW, supporting sellers’ price expectations amid concerns over availability. A market participant source also flagged a planned December shutdown at Bhilai’s plate mill, raising a separate concern over plate supply later in the quarter. Near-term price support remains centred on costs and maintenance-related supply concerns, while fresh transactions will determine whether buyers accept higher offers.

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