Global hot rolled coil (HRC) markets have generally shown a softer trend this week, as weak demand and cautious buying activity have continued to weigh on sentiment across most key regions. After several weeks of increases, ex-China HRC prices have come under mild pressure, with both mills and traders lowering their offers slightly amid declining futures prices, a softer domestic market and limited purchasing interest from overseas buyers. The slowdown in China has also affected sentiment in other Asian markets, where buyers have remained reluctant to accept higher prices. Indian suppliers have meanwhile become increasingly aggressive in export markets, offering more competitive prices in an effort to secure orders amid slower domestic demand and intense competition from other Asian suppliers. In Vietnam, import HRC prices have come under further pressure due to lower offers from Asian suppliers and persistently weak demand. The Turkish market has meanwhile remained quiet ahead of the holiday period, with limited trading activity reported. In Europe, domestic HRC prices have remained largely range-bound, as buyers continue to assess the impact of tighter import restrictions and CBAM-related uncertainty, while demand fundamentals remain weak.
Ex-China HRC prices have shown initial signs of softening this week following the sharp increases recorded over the past several weeks. Although major Chinese mills largely attempted to keep their export offers at relatively high and stable levels, some suppliers have eventually reduced their prices slightly, while traders have also started to provide discounts in order to stimulate sales activity. The weaker trend has mainly been linked to declines in HRC futures prices and softer sentiment in the domestic market, combined with persistently slow demand in key export destinations, where buyers have remained cautious and resistant to higher offer levels after the recent price surge. More specifically, the price range for boron-added SS400 HRC from large Chinese mills has been estimated at $520-535/mt FOB, with a midpoint at $527.5/mt FOB, down by $2.5/mt since last week. Besides, offers from smaller private mills have been voiced at around $515-525/mt FOB, down by $3/mt on the lower end of the range. At the same time, offers from Chinese traders have been estimated at $505-515/mt FOB, versus $515-520/mt FOB last week. As of May 22, HRC futures at Shanghai Futures Exchange are standing at RMB 3,385/mt ($495/mt), decreasing by RMB 61/mt ($9/mt) since May 15, while down 0.73 percent compared to the previous trading day, May 21.
Ex-India HRC prices have come under growing pressure over the past week, as suppliers have increasingly shifted toward more aggressive export negotiations amid softening domestic demand and intensifying competition in key overseas destinations. While official offer levels have largely remained stable, market sources reported that several major Indian mills have been willing to provide discounts, particularly in the GCC and Vietnam, in an effort to secure orders and maintain competitiveness against active Chinese suppliers. More specifically, ex-India HRC prices have been officially maintained at $550-560/mt FOB for the Middle East. But at least three large mills said they are in “active sales pitches” at price ranging at $520-540/mt FOB to maintain competitiveness amid a rising number of offers flowing into Gulf Cooperation Council (GCC) countries. No detailed offers in the GCC have been disclosed so far, though market sources report ongoing negotiations for a total volume of at least 50,000 mt, with contracts expected to be finalized in the coming weeks for June-July shipment. Meanwhile, offers submitted in Europe have been voiced at $610-620/mt FOB, which translates to around $690-700/mt CFR, down by $10-20/mt week on week, with a deal for around 20,000-30,000 mt reported to have been signed at $690/mt CFR southern Europe. At the same time, it is worth noting that by mid-May Indian suppliers have already fully utilized their April-June 2026 quota of 225,305 mt, meaning that any new bookings are expected to fall under the next quota period.
Furthermore, by the end of the week ex-India HRC in Vietnam have been estimated at $570/mt CFR versus $580-585/mt CFR last week. The SteelOrbis reference price for ex-India HRC has settled at $520-620/mt FOB, compared to $540-640/mt FOB last week, amid negotiations of discounted sales reported in the Middle East at the lower end of the range, while deal prices in Europe and Vietnam have been estimated to be at least $10/mt lower this week as well.
Vietnam’s import HRC market has remained relatively quiet over the past week, with buyers continuing to resist higher-priced offers amid weak demand and sufficient availability of material from alternative suppliers. Indian and Indonesian suppliers have remained the most competitive sources in the market, though trading activity has been limited as the gap between buyers’ bids and sellers’ expectations has persisted. Meanwhile, Chinese suppliers have remained largely absent from the SAE1006 segment following antidumping measures, leaving regional suppliers to compete for the limited demand available in Vietnam.
More specifically, offers for ex-India SAE1006 HRC have been heard at around $575/mt CFR Vietnam, down by $5/mt since the beginning of the week and compared to $590/mt CFR reported last week. At the same time, Vietnamese buyers have been indicating bids at around $570/mt CFR, compared to $575/mt reported a few days ago, though no major transactions have been confirmed at these levels so far. Indonesian suppliers have also adjusted their offer levels downward. Fresh offers for ex-Indonesia SAE1006 HRC have been reported at around $580/mt CFR Vietnam, compared to indicative offers of $590-592/mt CFR heard last week. However, despite the lower offers, buying interest has remained subdued, with most bids reported at approximately $570-575/mt CFR. At the same time, local producer Formosa Ha Tinh Steel has adjusted its domestic pricing strategy. After announcing HRC prices for orders of 20,000 mt and above at around $600/mt CFR on May 8, up by approximately $50-55/mt month on month, the producer has this week reduced its HRC prices by $8/mt for large-volume orders. The SteelOrbis reference price for imported SAE1006 HRC has settled at $570-580/mt CFR Vietnam, down from $585-590/mt CFR last week, reflecting lower offer and bid levels for ex-India and ex-Indonesia HRC.
In Turkey, the HRC business has been slow this week mainly because buyers from the EU have gone quiet and some of them are already in the holiday mood, while in the domestic market of Turkey stocks are at medium levels and buyers want to see the trends after the Eid holiday. Still, the mills were able to maintain the official price levels – $635-660/mt ex-works and $630-640/mt FOB – considering that they are not under pressure to boost sales currently. Most of the offers are for July, while one mill has already started offering for August. In addition, the number of import offers is scarce and mainly ex-China material has been offered this week – at $555-560/mt CFR since the middle of the week. No takers have been reported, and some potential buyers are expected to aim for levels closer to $545/mt CFR. Egypt and Malaysia are currently out of the market and are expected to restart offering in early June. The same goes for the non-sanctioned Russian supplier, although there have been rumors regarding sales to Turkey for small lots at around $570-575/mt CFR in the new round. Overall, the sanctioned Russian mills will hardly be in the picture in Turkey and their regular MENA destinations, considering that they are currently concentrating on sales to Iran, where workable prices have reached $570-575/mt FOB Astrakhan.
In Europe, HRC prices have remained largely stable over the past week, with workable levels in both northern and southern Europe showing little change despite continued pressure from competitive import offers. Market activity has remained relatively subdued, as buyers have largely refrained from major purchases amid sufficient inventories and weak end-user demand. At the same time, attention has increasingly shifted toward trade policy developments after the European Parliament approved new steel protection measures that will significantly reduce duty-free import quotas and raise out-of-quota duties from July 2026, adding further uncertainty to the outlook for imported HRC and potentially strengthening the position of domestic mills in the longer term. In northern Europe, mills’ official offers have been reported at around €700-710/mt ex-works mainly for July delivery, compared to target offers of €705-715/mt ex-works reported last week. Tradable prices, however, have remained stable at €680-690/mt ex-works. In Italy, official HRC offers from mills have been estimated at €690-705/mt ex-works for June-July delivery, the same as last week. According to sources, tradable prices in the Italian market have now settled at €670-685/mt ex-works, remaining stable compared to last week. Besides, offers in Spain have been reported at around €710-720/mt delivered.
In the import segment, activity has remained limited, though lower-priced offers have continued to put pressure on the local market. While some ex-Asia import offers on DDP basis are still reported at around €650/mt DDP southern Europe, more offers from traders have been reported at higher levels or at around €660-700/mt DDP. According to sources, a deal for ex-Turkey HRC was signed at around €675-685/mt DDP, while suppliers have already been collecting inquiries for October 1 at around €675-680/mt CFR, which means around €680/mt DDP plus all risks covered. Meanwhile, indicative offers for import HRC on CFR basis have settled at €590-650/mt levels, the same as last week. Ex-Turkey HRC offers have been heard at around €595/mt CFR, without duty, while offers for ex-India HRC have been reported at $685-690/mt CFR, equivalent to approximately €590-595/mt CFR, compared to indicative Indian offers at €590-615/mt CFR reported last week.
