[SMM Steel] Turkish Rebar: Mill Opening Sees Quiet Intake, Domestic Offers Hold Flat as Export FOB Nudges Down

India recorded total 1.12 million units vehicle retail sales during Navratri 2026, down 7% year-on-year. Passenger Vehicle (PV) sales stood at 1,82,728 units, down 22%, while Commercial Vehicle (CV) sales reached 35,618 units, up 1%. Two-Wheeler sales declined 3%, according to the Federation of Automobile Dealers Associations of India (FADA). The auto market remains cautiously optimistic about demand during the upcoming Dhanteras–Diwali festive period.

[Europe] European domestic hot-rolled coil (HRC) steel prices traded within a narrow range. Primary Nordic steelmakers officially launched first-quarter (Feb–Mar) delivery offers at 800–830 EUR/tonne DDP, citing elevated inland transport costs and navigational disruptions along major European waterways. In price evaluations, the Northwest European HRC ex-works price held flat at 740.00 EUR/tonne EXW (830 USD/tonne), while the Italian domestic HRC ex-works price slipped 1.00 EUR/tonne to 743.00 EUR/tonne EXW (833 USD/tonne). On market activity, beyond weak end-use consumption, liquidity constraints have emerged as a primary bottleneck for buyer replenishment: under updated EU Carbon Border Adjustment Mechanism (CBAM) rules, importers must pre-purchase and freeze CBAM certificates covering at least 50% of their annual carbon obligations next year. This mandate is tying up substantial working capital for buyers and traders, restricting purchasing flexibility. Meanwhile, Southern European market participants are closely awaiting regulatory and structural updates on the restructuring of Acciaierie d'Italia (formerly Ilva).

According to SMM statistics, mill stocks and social stocks of construction steel both saw some destocking in the current period. Total construction steel inventory came in at 6.5646 million tonnes, down 224,700 tonnes period-on-period, or −3.31%, indicating a slowdown in the pace of destocking.