In the last week of April, the global hot rolled coil (HRC) market has showed a generally stable to slightly firmer pricing trend, though trading activity has remained subdued across most regions. In Asia, ex-China HRC prices have edged up modestly, supported by tighter supply and firmer offers, but overall trade across key export destinations has continued to lack momentum. Meanwhile, Vietnam’s import HRC prices have also moved upward amid constrained supply, although buying interest has remained limited, resulting in muted transaction volumes. Ex-India HRC prices have been reported as stable to slightly higher, but export activity has been largely stalled due to restrictive measures in the EU market and ongoing uncertainties in the Middle East. At the same time, domestic HRC prices in India have continued to face downward pressure amid weak local demand and slow trading. In the meantime, the GCC market has remained broadly stable, with cautious demand and limited deal-making keeping price movements in check. Similarly, in Europe, domestic HRC prices have held steady, though underlying market conditions have remained weak. High inventory levels, sluggish consumption and restricted import activity - with only occasional deals reported – have continued to weigh on overall sentiment.
Ex-China HRC prices have shown a mixed but generally stable-to-firmer trend over the past week, with slight increases observed in offers from major mills and traders, while demand conditions and regional factors have continued to create divergences across key markets. Limited availability in certain destinations, cautious buyer sentiment and ongoing logistical uncertainties particularly for shipments to the Gulf have constrained trading activity, even as mills attempt to push prices higher in line with raw material cost movements. More specifically, the price range for boron-added SS400 HRC from large Chinese mills has been estimated at $500-520/mt FOB, with a midpoint at $510/mt FOB, up by $2.5/mt week on week. Besides, offers from smaller private mills have been voiced at around $490-495/mt FOB, versus $490/mt FOB last week. Meanwhile, offers from Chinese traders have been estimated at $490-500/mt FOB, up by $5/mt week on week. As of April 30, HRC futures at Shanghai Futures Exchange are standing at RMB 3,425/mt ($499/mt), increasing by RMB 40/mt ($5.8/mt) or 1.2 percent since April 23, while increasing by 1.03 percent compared to the previous trading day, April 29.
Vietnam’s import HRC market has shown signs of strengthening in recent days, largely driven by reduced availability of material and adjustments in regional supply routes. Even so, actual transaction volumes are still very limited. Buyers are holding back, showing reluctance to accept higher price levels amid ongoing uncertainty around downstream demand. As a result, the market remains quiet in terms of concluded deals, with many participants preferring to wait for clearer signals on consumption trends and pricing stability before re-entering negotiations. The SteelOrbis reference price for import SAE1006 HRC in Vietnam has risen to $600-610/mt CFR, compared to $585-600/mt CFR last week, reflecting the overall upward pressure driven by limited supply and firmer offers from alternative origins. Meanwhile, indicative offers for ex-China Q235 HRC in Vietnam have been reported at $525/mt CFR for June shipment, versus 520-525/mt CFR last week, though overall availability remains constrained. According to sources, a deal for 10,000-15,000 mt of ex-China SPHC pickled and oiled has been signed this week at around $575/mt CFR for June shipment, the same as the deal price reported last week.
In India, HRC export offers have remained largely stable over the past week, with some upward adjustments by major mills driven by rising input costs and firm global market cues. However, trading activity has been limited across most export destinations due to regulatory constraints in Europe and delivery uncertainties in the Middle East. Indicative offers for ex-India HRC to the Middle East have been reported at $530-550/mt FOB, unchanged week on week. Meanwhile, offers to Europe have been heard at $620-640/mt FOB, reflecting a week-on-week increase of $20/mt. Corresponding CFR-based offers in the region have been reported at $700-720/mt. However, ongoing uncertainty surrounding the Carbon Border Adjustment Mechanism (CBAM) certification process, along with additional costs imposed on buyers, continue to weigh on trading activity. At the same time, indicative offers for ex-India HRC to Vietnam have been reported at $600-610/mt CFR, equivalent to around $580/mt FOB, unchanged from the previous week. As a result, the SteelOrbis reference price for ex-India HRC has remained at $530–640/mt FOB. The upper end of the range has increased by $20/mt week on week, reflecting higher offer levels in Europe despite the absence of concluded deals.
In Turkey, HRC prices have been relatively stable this week amid no change in demand, while import scrap prices have been trending up, providing support for mills in the finished steel segment. As a result, domestic HRC prices in Turkey have been reported at $635-650/mt ex-works for end-of-June deliveries and at up to $660/mt ex-works for July deliveries. As regards exports, Turkey is offering at $630-640/mt FOB with the latest deals closed to the EU at $620-625/mt FOB, SteelOrbis reported. Import offers from China have been at $545-555/mt CFR during most of the week, although some sellers have also been trying to achieve $560-565/mt CFR for material from first-tier mills. Russian offers have not been reported in Turkey officially as some Russian suppliers are focused on the alternative MENA destinations, while the regular seller to Turkey considers it to be a little early to offer firmly for July shipments. The latest HRC offers from Malaysia have been reported at $620-625/mt CFR Turkey.
In the GCC, HRC trading has continued to move within a narrow range, shaped mainly by constrained logistics rather than by demand weakness. Buyers remain willing, but only proceed when workable shipping options are available. Activity is therefore uneven, with the UAE most affected, while Saudi Arabia and Oman see limited transactions. According to reports, Chinese origin HRC remains at around $550/mt CFR UAE for May shipment, with no confirmed deals, while a cargo of around 10,000 mt has been sold to Oman at $560/mt CFR Sohar. In Saudi Arabia, 1.2 mm HRC offers are heard at $610-615/mt CFR, with some lower workable levels also mentioned at $575-585/mt CFR. Indian suppliers are offering at $530-550/mt FOB, though these levels remain unattractive due to high freight rates and risk costs. No fresh offers have been heard from Japanese or Russian suppliers to the GCC. However, Russian origin HRC has recently been heard in the wider MENA region at $520-525/mt CFR, with some limited sales reported.
European HRC prices have remained largely stable over the past week, with domestic levels showing little movement despite persistently weak demand fundamentals. Inventory levels remain elevated and are being reduced only gradually, limiting the need for restocking and keeping buyers cautious. While mills are targeting higher offers for July, current market conditions - including subdued consumption, ample supply and the continued presence of imports - are making any upward price movement difficult to achieve. More specifically, HRC prices from mills in northern Europe have been reported at €720-730/mt ex-works for June delivery, mainly the same as last week, with a number of mills still targeting higher offers for July delivery at around €750-755/mt levels. At the same time, the tradable price levels have been voiced at €700-710/mt ex-works, according to sources. In Italy, offers from mills have remained at €705-710/mt ex-works for June delivery. Meanwhile, the tradable price levels are estimated at €700/mt ex-works, mainly the same as last week. At the same time, activity in the import segment has remained challenging, with limited buying interest and only occasional deals reported, as uncertainty surrounding upcoming trade measures and CBAM continues to weigh on sentiment. Offers from India have been voiced at €600-615/mt CFR, but, according to sources, a deal price at a lower level was reported last week for ex-Turkey HRC at €590/mt CFR for July shipment. Furthermore, according to sources, a deal for 25,000 mt of ex-Egypt HRC is reported to have been signed at €620/mt CFR this week. Offers for via traders on DDP basis, including CBAM-related costs, have been reported at €700-740/mt DDP southern Europe, up by €10/mt on the higher end of the range week on week.
