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India's HRC export offers to EU drop amid cautious market sentiments

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BigMint Bureau

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13 May 2025, 19:38 IST

India's HRC export offers to EU drop amid cautious market sentiments

Indian HRC offers to EU dip $5/t, demand weak

Indian mills hold back HRC offers to the ME

Indian HRC (S275) export offers to the European Union (EU) dropped by $5/t w-o-w. However, trade activities in the region remained sluggish. Moreover, buyers remained cautious as European mills are presenting competitive offers within their local markets, informed sources.

Chinese HRC offers to the Middle East (ME) remained range-bound in a recent deal. Indian mills are not actively offering to the ME amid competitive Chinese prices and higher domestic realisation.

1. HRC export offers to EU drop w-o-w: Indian HRC export offers to the EU dropped by $5/t w-o-w to $640-645/t CFR Antwerp ($590-595/t FOB eastern Indian port) against $650-655/t CFR last week. However, trade activities remained sluggish as European steel mills are quoting competitive rates for domestic HRC within the EU. Moreover, Indian steel mills are reportedly shifting their focus towards the domestic market, where they are achieving higher realisations.

2. Imported HRC offers to ME range-bound w-o-w: Chinese HRC (S235 and S275) export offers to the ME remained range-bound at $480-490/t CFR UAE in a recently concluded deal. A deal for 15,000 t was heard concluded at around $480/t CFR Oman for June shipment.

Moreover, on China's Shanghai Futures Exchange (SHFE), HRC futures for October 2025 contract increased by RMB 20/t ($3/t) w-o-w to RMB 3,226/t ($448/t) from RMB 3,206/t ($445/t) a week ago. D-o-d, HRC futures inched up by RMB 36/t ($5/t) compared to RMB 3,190/t ($443/t) a day ago.

3. Vietnam's domestic mills reduce HRC prices: Vietnamese steel giant Formosa Ha Tinh (FHS) has reduced its hot-rolled coil (HRC) prices by approximately $12/t for June sales. Following this adjustment, FHS's HRC prices (SAE1006, skin-passed) are within the range $508-518/t CIF Ho Chi Minh City (HCMC) depending on the quantity booked, as compared to $525/t CIF HCMC in March. This decline in HRC prices is driven by subdued demand and increased competition from domestic producers like Hoa Phat.

Outlook

HRC export activity from India is expected to remain subdued in the near term due to a shift in focus toward the domestic market. Additionally, weak EU demand due to domestic competition and competitive Chinese offers in the Middle East will likely persist. Overall, HRC prices are expected to remain stable but may also fall slightly.