The global hot rolled coil (HRC) market has remained largely subdued this week, with regional dynamics diverging amid ongoing trade disruptions, geopolitical uncertainty and persistently weak demand. While some upward price adjustments have been observed, overall activity has been limited, and buyers across most regions continue to resist higher offers. In Asia, ex-China HRC prices have edged up slightly, though trading has increasingly shifted toward alternative markets as Chinese suppliers face restrictions and softer demand. In Vietnam, import prices have moved higher on the back of tighter supply, with reduced availability of ex-China material prompting buyers to consider higher-priced offers of other origins. Meanwhile, in Pakistan, import HRC prices have remained largely stable, as buyers continue to push for additional discounts amid cautious purchasing sentiment. Indian HRC export prices have also remained firm, supported by limited supply, though actual trading activity has been constrained by weak downstream demand and broader geopolitical headwinds affecting buyers’ confidence. Meanwhile, in the Middle East, the market has been particularly quiet. Activity in the GCC has remained weak due to ongoing disruptions linked to the closure of the Strait of Hormuz, although some deals from Saudi Arabia have surfaced, providing limited support to the market. In Europe, domestic HRC prices have held stable, but a significant gap persists between mills’ target prices and levels acceptable to buyers. Import activity has been hindered by trade measures, though a few fresh deals indicate that the market is not entirely stagnant.
Chinese HRC export prices have edged up slightly over the past week, supported by marginally improved demand in select markets, while overall trading conditions remain uneven. Major Chinese mills have managed to secure orders, particularly in alternative destinations such as Pakistan and Bangladesh, as traditional outlets in the Middle East and Vietnam remain constrained. At the same time, despite some positive signals in export activity, the market fundamentals have shown little change, with sentiment largely stable. More specifically, the price range for boron-added SS400 HRC from large Chinese mills has been estimated at $490-505/mt FOB, with a midpoint at $497.5/mt FOB, up by $2.5/mt week on week. Besides, offers from smaller private mills have been voiced at around $482-490/mt FOB, up by $3/mt on the lower end of the range over the past week. Meanwhile, offers from Chinese traders have been estimated at $483-495/mt FOB, versus $480-490/mt FOB last week. According to sources, a deal for around 10,000 mt of ex-China HRC is reported to have been done in Southeast Asia at $484/mt FOB at the end of last week. Besides, sources report increased negotiations with Pakistan and Bangladesh, as traditional markets in the Middle East and Vietnam have become largely closed or more difficult for Chinese suppliers to access. Thus, several deals are reported to have been done for ex-China Q195 and Q235 HRC at $505/mt CFR and $512/mt CFR, respectively, while offers for Chinese Q235 HRC to Pakistan have been reported at $515/mt CFR and above. Furthermore, offers for Chinese 1.6-2 mm HRC to Bangladesh have been voiced at $520/mt CFR. As of April 17, HRC futures at Shanghai Futures Exchange are standing at RMB 3,324/mt ($484.5/mt), increasing by RMB 51/mt ($7.5/mt) since April 10, while up 0.33 percent compared to the previous trading day, April 16.
Vietnam’s HRC import market has shown a firmer trend over the past week, supported by tightening supply and shifting trade flows. Sources report that offers for ex-India SAE1006/SS400 HRC have been heard at $610/mt CFR, also stable compared to the end of last week. However, a transaction for approximately 10,000 mt of ex-India HRC has reportedly been concluded at $560/mt CFR for July shipment on a long position basis, indicating some flexibility in pricing for sizable volumes. Meanwhile, offers for ex-Indonesia SAE1006 HRC have been voiced at around $570-575/mt CFR for July shipment, up from $565/mt CFR last week. In addition, indicative offers for ex-Japan material have been estimated at $580-600/mt CFR, marking a notable increase from around $550/mt CFR in the previous week. The SteelOrbis reference price for import SAE1006 HRC in Vietnam has risen to $560-600/mt CFR.
Ex-India HRC prices have remained at elevated levels over the past week, supported by rising input costs. However, trading activity has largely stalled due to weak demand in key export destinations and ongoing geopolitical tensions in the Middle East. More specifically, indicative offers for ex-India HRC in the Middle East are at $520-530/mt FOB, mainly the same as last week, but any optimism over the resumption of sales negotiations in Gulf Cooperation Council (GCC) countries has faded following the failure of negotiations to end the war in the region. In the meantime, ex-India HRC offers to Europe have been reported at approximately $600-620/mt FOB, mainly the same as last week, with indicative offers standing at $680-700/mt CFR southern Europe. At the same time, according to sources, several offers for ex-India HRC in Vietnam have been reported at as high as $600-610/mt CFR, versus the previously offered $540/mt CFR, which translates to around $580/mt FOB. Thus, the SteelOrbis reference price for ex-India HRC has remained at $520-620/mt FOB, the same as last week.
In Turkey, HRC market activity has been mainly driven by the relatively high workable prices in the EU, the lack of aggressive import HRC offers, moderate domestic demand and firm prices for raw materials and import slab. Local HRC in Turkey has settled today, April 17, at $625-640/mt ex-works in most offers for June deliveries, while the first offers for July are at $650/mt ex-works. As regards exports, Turkish mills are offering at $630-640/mt FOB minimum, considered to be reasonable levels. Most activity has been seen in the EU with the offers from Turkish mills heard at €620/mt CFR duty paid, excluding CBAM. Traders have been offering Turkish origin material at €690-700/mt DDP, with approximately 10,000 mt reported to have booked in Spain at these levels. Import HRC offers from China have remained at $535/mt CFR Turkey, while non-sanctioned Russian HRC has been offered at $580/mt CFR for June shipment.
In Egypt, in the HRC segment, Ezz Steel’s local price has been announced at EGP 39,800/mt ($671/mt) ex-works, up from EGP 35,000/mt ($590/mt) ex-works earlier. The move has been long awaited and is justified by the increased production and logistical costs as well as the generally firm global uptrend in the HRC segment seen from the first half of March. The latest workable ex-Russia prices have been set at $515-520/mt CFR, for May-June shipments.
In the GCC, HRC market activity remains limited this week, as the continued closure of the Strait of Hormuz keeps trade conditions challenging and restricts transactions across the region. Demand is generally slow and cautious, with buyers focusing on essential needs, while offers continue to circulate, particularly in the UAE, without resulting in confirmed deals. Some limited volumes are mentioned in Saudi Arabia, though these remain unconfirmed. Price indications have shown little overall change, with Chinese material heard at around $550/mt CFR in the UAE and at higher levels of $610-615/mt CFR for Saudi Arabia, while Indian offers remain stable at $520-530/mt FOB. Meanwhile, Russian indicative levels are unchanged at $505-515/mt CFR, as most other suppliers continue to stay out of the market.
EU HRC prices have mostly moved sideways in the past week, with limited changes observed across the market. While mills are targeting higher levels for July delivery, aiming for around €750/mt ex-works, these offers are currently viewed as “totally unworkable” by market participants in both northern Europe and Italy, with tradable prices remaining closer to €700/mt ex-works. At the same time, market sentiment remains cautious, with buyers largely adopting a wait-and-see approach amid uncertainty surrounding potential new import tariffs. Moreover, weak end-user demand and sufficient inventory levels continue to weigh on trading activity, keeping volumes subdued. More specifically, while HRC prices from mills in northern Europe, mainly for July delivery, have been estimated at €750/mt ex-works, offers for deliveries in June have still been reported at €720-730/mt ex-works, the same as last week. At the same time, the tradable price levels have settled at €700-720/mt ex-works, compared to €690-710/mt ex-works last week, according to sources. In Italy, offers from mills have remained at €700-710/mt ex-works for June delivery. Meanwhile, the tradable price levels are estimated at €690-700/mt ex-works, the same as last week.
As for import HRC segment, indicative offer prices for HRC in Europe have remained at €600-690/mt CFR, with the lower end of the range corresponding to indicative offers from India. At the same time, a growing number of offers have been reported via traders on DDP basis, including CBAM-related costs, with several deals reported to have been concluded this week. In particular, a few transactions totalling at least 30,000 mt of ex-Algeria HRC were signed at €725/mt DDP southern Europe. Meanwhile, according to market sources, while offers for ex-Turkey HRC have been estimated at around €620/mt CFR duty paid, excluding CBAM, Turkish material has also been offered by Chinese traders at €690-700/mt DDP, with approximately 10,000 mt reported to have been booked in Spain at these levels, although this information has not been officially confirmed at the time of publication. In addition, offers for ex-Taiwan HRC have been heard at around €730/mt DDP southern Europe.