The global hot rolled coil (HRC) market has remained largely subdued this week, with prices mostly stable across key regions as weak demand, cautious buying and persistent trade barriers have continued to weigh on activity. In Asia, ex-China HRC prices have held steady after the holiday period, but trading has remained slow due to soft overseas demand and ongoing protectionist measures in key destinations. In Vietnam, import HRC prices have also moved sideways, with buyers maintaining a wait-and-see stance amid sufficient supply and limited appetite for fresh bookings. However, in India, HRC export prices have increased notionally, supported by stronger domestic sentiment and firmer local prices, although actual overseas demand has remained sluggish and deal activity has been limited. In Turkey, domestic HRC prices have softened slightly amid weak consumption and competitive pressure, while import offers have remained scarce due to limited supplier interest and pricing uncertainty.
Meanwhile, HRC market activity in the GCC has been close to standstill, as buyers have largely stayed on the sidelines despite continued offers from China. In Europe, HRC prices have been mostly stable, though mills have continued to push for higher offers for July delivery in an effort to improve margins and test buyer resistance.
After several days of holidays in China, the market resumed work on April 7, with no significant changes in ex-China HRC prices. Export offers have remained largely stable, while trading activity continues to be subdued across key destinations. Demand in the Middle East is still constrained by the ongoing war, while in Southeast Asia - particularly Vietnam - the recent implementation of antidumping duties has further limited Chinese export flows. Meanwhile, in Turkey, current offer levels from Chinese suppliers are widely considered to be too high for most buyers, resulting in cautious and limited purchasing activity. 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, the same as last week. Besides, offers from smaller private mills have been voiced at around $479-490/mt FOB, mainly the same as last week. Meanwhile, offers from Chinese traders have been estimated at $480-490/mt FOB, the same as last week. As of April 10, HRC futures at Shanghai Futures Exchange are standing at RMB 3,273/mt ($476/mt), decreasing by RMB 12/mt ($1.8/mt) since April 3, while decreasing by 0.15 percent compared to the previous trading day, April 9.
Vietnam’s import HRC market has remained largely stable this week, with buyers taking a cautious stance amid limited trading activity and steady offers from most overseas suppliers. The indicative offers for ex-China Q235 HRC have been reported at $510-515/mt CFR for April shipment, versus $505-510/mt CFR last week.
At the same time, offers for ex-India SAE1006/SS400 HRC have been voiced at $540-545/mt CFR, mainly the same as last week. Offers for ex-Indonesia SAE1006 HRC have remained at around $565/mt CFR for July shipment, though, according to market sources, “They are aiming for even higher prices in the next round of sales.” Offers for ex-Japan coils have been estimated at $550/mt CFR, the same as last week. Thus, the SteelOrbis reference price for import SAE1006 HRC in Vietnam has settled at $540-545/mt CFR, moving sideways over the past week.
Ex-India HRC prices have moved up notionally over the past week, largely driven by continued increases in the Indian domestic market rather than by any meaningful improvement in overseas demand. While mills have raised offer levels, these higher prices have yet to be firmly established in new export deals, with trading activity remaining cautious across key destinations. More specifically, indicative offers for ex-India HRC in the Middle East are at $520-530/mt FOB, mainly the same as last week. However, overall optimism for a revival of export trade has receded after sales negotiations based on alternative shipping routes to Saudi Arabia stalled over a lack of agreement on CIF (cost, insurance, freight)-based contracts. In the meantime, ex-India HRC offers to Europe have been reported at approximately $620/mt FOB, versus $590-600/mt FOB last week, with indicative offers standing at $700/mt CFR southern Europe.
Offers for ex-India HRC in Vietnam have been estimated at around $540/mt CFR, up by $5/mt on the lower end of the range, which translates to around $520/mt FOB. Thus, the SteelOrbis reference price for ex-India HRC has settled at $520-620/mt FOB, up by $5-30/mt week on week.
In Turkey’s HRC market, local market sentiment has weakened a little due to stalled import scrap activity, persisting war-related fears and expectations, and buyers’ caution over buying in too much stock in the current market conditions. Local HRC prices for June deliveries have settled at $625-640/mt ex-works base, down $5-10/mt week on week. The $650/mt ex-works level is still present, but it is not considered workable even for small lots for prompt shipment. Despite the pressure from buyers, however, the mills cannot provide further discounts, considering the strength of scrap prices, the relatively positive EU market and since June production HRC in Turkey is about to be sold out. Import HRC offers from China have mainly settled at $535-545/mt CFR, with $550/mt CFR not very widely offered at the moment. A non-sanctioned Russian mill has started offering June shipment HRC at $580/mt CFR, while the sanctioned Russian material, as per the latest offers, has been available at $510-520/mt CFR, for May-June shipments.
In the GCC, HRC market activity has remained very limited this week, as ongoing disruptions in trade routes and geopolitical tensions continue to restrict imports and weigh on sentiment. Demand remains slow, and, although some improvement in sentiment has been observed on expectations of a possible reopening of the Strait of Hormuz, no confirmed transactions have been reported so far, with buyers maintaining a cautious stance. In terms of pricing, Chinese offers increased noticeably over the week, from $490-510/mt FOB at the beginning of the week, corresponding to workable levels of $550-590/mt CFR, to around $610-615/mt CFR to Jeddah for May shipment by mid-week. Indian suppliers have maintained their indicative offers at $520-530/mt FOB, though booking interest remains weak due to high freight costs and ongoing risks. Meanwhile, Russian offers have been heard at $505-515/mt CFR for May-June shipment, while Japanese suppliers remain largely absent from the GCC market.
After a handful of selective discounts in the local market last week, the EU HRC market has entered a more stable phase, with domestic prices largely holding steady this week. The limited concessions seen previously were mostly linked to mills trying to close remaining June volumes rather than signalling any broader shift in sentiment. On the contrary, producers - especially in northern Europe - are becoming more confident and are increasingly targeting higher price levels for July delivery, encouraged by tighter availability and a more disciplined sales approach. While most local HRC prices from mills in northern Europe have been estimated at €720-730/mt ex-works, up by €10/mt on the lower end of the range week on week, most producers have started to target higher offers for July delivery at around €750/mt ex-works, according to sources. In Italy, offers from mills have remained at €700-710/mt ex-works for June delivery. At the same time, import activity remains muted, as buyers continue to stay on the sidelines amid CBAM-related uncertainty, safeguard constraints and lingering geopolitical risks in the Middle East, all of which are reducing the appeal of overseas material despite still relatively competitive offers. Indicative offer prices for HRC have settled at €600-690/mt CFR, with the lower end of the range corresponding to indicative offers from India, while indicative offers for ex-Egypt HRC have been voiced at around €688/mt CFR, including 11.7 percent duty, but excluding CBAM costs. Meanwhile, offers for ex-Turkey HRC have been estimated at around €650/mt CFR. Furthermore, offers for import HRC on DDP basis have been estimated at €710-750/mt, versus €690-700/mt last week.