The global hot rolled coil (HRC) market has shown a generally firm trend this week, although actual trading activity has remained uneven across regions due to persistent uncertainty and logistical challenges. In Asia, ex-China HRC offers from mills have moved up, while traders have largely kept their offers stable, managing to secure sizeable sales to Turkey. In Vietnam, import HRC prices have increased sharply, though buyers have so far stayed on the sidelines, reluctant to commit amid volatility. A similar pattern has been observed in Pakistan, where import prices have continued to rise despite muted demand. In India, ex-India HRC prices have remained firm, but export activity has been limited as mills prioritize the domestic market, while ongoing disruptions linked to the situation in the Middle East continue to complicate trade flows. Turkey has also seen a relatively positive pricing trend, though actual business activity remains constrained. Across the GCC region, the HRC market has come under pressure due to ongoing logistical disruptions, although some alternative shipping routes are beginning to emerge. Meanwhile, in Europe, HRC prices have increased further, supported by tight domestic supply, while import activity remains subdued due to CBAM-related uncertainty, safeguard measures and broader geopolitical concerns.
Chinese HRC export offers from big mills have increased this week, supported by higher domestic prices and a rebound in HRC futures prices. Nevertheless, traders’ offers have remained largely stable amid weak demand in most overseas markets. While relatively large volumes are reported to have been concluded to Turkey, demand in other key destinations has remained sluggish, keeping overall export activity uneven. More specifically, the price range for boron-added SS400 HRC from large Chinese mills has been estimated at $490-500/mt FOB, with a midpoint at $495/mt FOB, up by $10/mt week on week. Besides, offers from smaller private mills have been voiced at around $485-495/mt FOB, compared to $480/mt FOB last week. Meanwhile, offers from Chinese traders have been estimated at $480-490/mt FOB, the same as last week. Market sources report that several deals for Chinese HRC were concluded in Turkey at the end of last week. At least one cargo of around 50,000 mt is reported to have been sold at $477-483/mt FOB, equivalent to approximately $538/mt CFR. In addition, market participants indicate that another cargo may have been sold at $480-485/mt FOB. In the meantime, most Chinese mills are still not issuing new export offers to Gulf buyers as freight conditions and insurance coverage for vessels transiting the Strait of Hormuz remain unclear. In Saudi Arabia, Chinese 1.2 mm HRC was reported to be offered at around $580/mt CFR Jeddah, while the country has been looking to redirect cargoes from the eastern province and other GCC ports to alternative Saudi ports along the Red Sea coast, according to market reports. As of March 27, HRC futures at Shanghai Futures Exchange are standing at RMB 3,299/mt ($478/mt), moving sideways since March 20, while decreasing by 0.27 percent compared to the previous trading day, March 26.
Vietnam’s import HRC market has seen a significant price rebound over the past week, with sharply higher offers from major suppliers across all origins amid tightening supply and bullish sentiment. However, buyers have largely stayed on the sidelines, resisting the elevated price levels and keeping trading activity limited. The indicative offers for ex-China Q235 HRC have been reported at around $505/mt CFR for May shipment, versus $500-505/mt CFR at the end of last week. Meanwhile, offers for SAE1006 HRC to Vietnamese re-rollers have been reported at $540/mt CFR for ex-India May shipment cargoes, versus $510/mt CFR at the beginning of last week. Offers for ex-Indonesia SAE1006 HRC have been voiced at around $560-565/mt CFR for June and July shipments, compared to $525/mt CFR at the beginning of last week, while offers for ex-Japan coils have been estimated at $535-540/mt CFR, up by $5-10/mt since last week. In the meantime, offers for ex-Russia SS400/SAE1006 HRC have also been heard in Vietnam, at $505-515/mt CFR, marking a rare reappearance in the market after a prolonged absence. As a result, the SteelOrbis reference price for imported SAE1006 HRC has increased to $530–540/mt CFR, up from $500-510/mt CFR last week. This rise reflects sharp increases in offers from all major foreign suppliers and excludes the ex-Russia HRC offer at $505/mt CFR, as no transactions have been confirmed, and Russian suppliers are not considered a benchmark in the market.
Ex-India HRC prices have remained high over the past week, but export activity has been largely stalled. Mills are prioritizing better returns in the domestic market, while export allocations remain tight at the fiscal year-end. Meanwhile, the prolonged war in the Middle East and extended shipment timelines continue to delay deal closures. More specifically, while indicative offers for ex-India HRC in the Middle East are at $520-530/mt FOB, trade activity has remained at a standstill as highly volatile freight rates and shipping disruptions have held back both buyers and sellers from high-risk contracts. Besides, indicative ex-India HRC offers to Europe have been reported at $640-650/mt CFR, the same as last week, equivalent to approximately $590-600/mt FOB. At the same time, offers for ex-India HRC in Vietnam have been estimated at around $540/mt CFR this week, up by $30/mt week on week, which translates to around $515-520/mt FOB. Thus, the SteelOrbis reference price for ex-India HRC has moved to $510-590/mt FOB, versus $490-590/mt FOB last week.
In Turkey, local HRC prices are at $620-640/mt ex-works base with official offers standing closer to the upper end of the range, for June deliveries. Some traders have reported that they have received indications at up to $650/mt ex-works for small lots, but the level is not considered workable. Export offers are mainly at $615-620/mt and up to $620/mt FOB. Import offers from China have been hovering at around $535-545/mt CFR and, according to sources, 50,000 mt were sold to a re-roller at around $538/mt CFR. Import offers from Russia for sanctioned material have stood this week at $505-515/mt CFR depending on the mill and the tonnage, while the latest deals for non-sanctioned Russian HRC have been reported at $540-545/mt CFR. Egypt has been out of the picture this week, with the latest reported indications at $600-610/mt CFR around 10-12 days ago. Ex-Malaysia offers have been reported at $610-615/mt CFR, with no takers heard of yet.
Russian mills continue to maintain their presence in the HRC export markets, mainly due to the ongoing slackness of local market demand where end-user consumption is subdued amid still high interest rates (15 percent). A non-sanctioned HRC producer from Russia has closed its May shipment sales to Turkey with around 50,000 mt sold and with the latest deals done at $540-545/mt CFR, sources reported. As a result, the latest indications from the producer have been evaluated at $510-515/mt FOB Black Sea minimum. One of the sanctioned Russian HRC mills, according to buyers, has been targeting $475-480/mt FOB Black Sea or around $490-500/mt CFR to Turkey and the MENA region. Another sanctioned supplier has proceeded with May production sales with around 30,000 mt booked so far. The supplier started sales at $490-495/mt CFR MENA, and later increased prices to $505/mt CFR and closed some deals. Currently, the mill is aiming for $505-515/mt CFR, which is around $440-450/mt FOB Baltic region.
In the GCC, the HRC market has remained under pressure amid ongoing regional tensions and persistent logistical disruptions, with trade flows still largely constrained and no fresh offers or deals heard over the past week. While market participants continue to seek safe and workable shipping routes, some limited alternatives have started to emerge via Oman and Saudi Arabia, though these are mainly used for essential shipments. Freight uncertainty remains a key issue, with surcharges reported at around $2,000 per 20’ container depending on the shipping line. In terms of pricing, Chinese HRC offers to Jeddah have been heard at around $580/mt CFR, while Russian material has been reported at more competitive levels of $505-510/mt CFR. Meanwhile, Chinese SS400-grade HRC export offers stand at $490-510/mt FOB, and Indian suppliers are at $520-530/mt FOB, though no fresh offers have been directed to the GCC recently. Japanese suppliers, on the other hand, have largely remained on the sidelines amid the ongoing uncertainties.
EU HRC prices have increased slightly again this week, supported by firm domestic sentiment and limited availability. Most local HRC prices from mills in northern Europe, mainly for May and June delivery, have been estimated at €710-730/mt ex-works, against €700-735/mt ex-works last week, while in Italy offers from mills are estimated at €700-710/mt ex-works for May and June delivery, compared to €695-700/mt ex-works last week. At the same time, the tradable price levels in the north of Europe have settled at €700-720/mt ex-works, mainly the same as last week, with large volumes reported to have been sold at €700-705/mt ex-works for delivery in May and June this week, while workable prices in Italy are estimated at €690-700/mt ex-works for delivery in May, up by €5-10/mt week on week. The import market has continued to show very limited activity, as only a limited number of fresh offers were reported by industry sources. Indicative offer prices for HRC have settled at €560-640/mt CFR, with the lower end of the range corresponding to ex-India HRC offers, while indicative offers for ex-Turkey HRC have been voiced at around €620-640/mt CFR, duty paid, but excluding CBAM costs, up by €20/mt week on week. In the meantime, according to sources, following a deal for around 10,000 mt of ex-Algeria HRC signed around ten days ago at $700-710/mt FOB or around €640/mt CFR, excluding CBAM, a new deal for around 10,000-15,000 mt is reported to have been signed at $720/mt FOB, or around €640-650/mt CFR excluding CBAM. Furthermore, offers for ex-Indonesia and ex-South Korea HRC through traders have been voiced at €680/mt DDP, while offers for other ex-Asia HRC have been estimated at €680-700/mt DDP and above.