Ex-India hot rolled coil (HRC) export prices have been largely kept stable over the past week, but trade activity has come to a standstill as buyers have become increasingly cautious amid mixed price signals.
More specifically, while some stability has been noted in the European market, it has not been sufficient to revive import interest among distributors. In the meantime, the recent sharp hike in ex-China HRC prices has added a new layer of uncertainty, disrupting sentiment and injecting cautious optimism among Indian suppliers, who had previously been priced out of most key markets. Although no firm deals were reported, the sudden shift in China has prompted Indian mills and traders to reassess their export strategies in anticipation of possible renewed buying interest.
As a result, ex-India HRC prices have been kept unchanged at $480-500/mt FOB for the Middle East and stable at $540-550/mt FOB for Europe.
According to the sources, with Chinese offers now climbing to levels closer to Indian quotes, the price gap that previously rendered Indian material unviable has started to narrow. This has raised expectations among Indian mills that export competitiveness could gradually return, particularly in regions like the Middle East and Asia. However, buyers remain on the sidelines for now, awaiting clarity on whether the Chinese uptrend will be sustain or trigger a broader global rebound.
“Going forward, much will depend on the direction of Chinese prices and whether a clearer price floor can be established globally. Until then, Indian HRC exporters are likely to remain in a holding pattern, watching global developments closely and positioning themselves for a potential window of opportunity should momentum build in the international market,” a market insider told SteelOrbis.
