[SMM India Export Weekly Review] HRC Export Trading Remains Subdued as Mills Raise Domestic Offers

Indian HRC export prices held at 650USD/tonne FOB India for Europe, 580USD/tonne for the Middle East and 555USD/tonne for Southeast Asia. Fresh firm offers and confirmed bookings remained limited ahead of Diwali. Europe continued to offer the highest nominal export realisation, while lower Middle Eastern and Southeast Asian prices restricted mills’ interest in overseas sales. Competitive Indonesian supply into Vietnam also limited opportunities for Indian material.

Domestically, Mumbai HRC was at 656.5USD/tonne (62,475INR/tonne) EXW, excluding 18% GST. Market participants reported that some mills had raised prices by approximately 5–8USD/tonne (500–750INR/tonne), while others could implement increases after Diwali. Earlier maintenance and higher coking-coal costs supported sellers’ pricing intentions, although cautious purchasing limited evidence of acceptance at the revised levels. Domestic sales continued to offer more attractive returns than exports to the Middle East and Southeast Asia.

Billet export indications remained at 460–470USD/tonne FOB India, with fresh transactions unconfirmed. Traders found the prices unviable amid a relatively firm domestic market and, therefore, continued to focus on the latter.

Trading is expected to remain subdued through the holidays. Post-Diwali distributor restocking and acceptance of revised mill offers will determine whether domestic HRC increases hold. For billet and scrap, stronger finished-steel sales will be needed to support sustained procurement.