The global HRC market has remained broadly stable this week, although underlying conditions have varied across regions. Ex-China prices have held largely steady, but softer futures prices and the continued absence of Gulf buyers have weighed on export sentiments, limiting upward momentum. In Vietnam, domestic dynamics have been notably stronger, with Hoa Phat having increasing local HRC prices by more than $30/mt, supported by rising import offers and firmer regional cues. Meanwhile, Indian mills have maintained stable pricing but have continued to prioritize domestic sales, as overseas demand has remained weak and has failed to provide sufficient support for exports. In Turkey, HRC prices have strengthened amid solid scrap costs, moderate demand and relatively limited import competition, allowing mills to push for higher levels. By contrast, the GCC market has remained under pressure due to ongoing trade route disruptions, with only limited offers having re-emerged and buyer activity staying cautious. In Europe, prices have been largely stable, supported by firm sentiment, although trading activity has slowed due to the Easter holiday period.
Offers for ex-China HRC have remained largely stable over the past week. Major mills have maintained relatively firm and elevated offer levels, while smaller mills and traders have kept prices broadly unchanged, with some showing a slight downward bias. Market sentiment has remained subdued, as overseas demand has provided weak support, while declining futures prices have further weighed on buying interest. Besides, freight has remained an issue, while the absence of Gulf buyers amid the ongoing war has continued to affect Chinese exporters. 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. However, offers from smaller private mills have been voiced at around $480-490/mt FOB, compared to $485-495/mt FOB last week. Meanwhile, offers from Chinese traders have been estimated at $480-490/mt FOB, the same as last week.
Vietnam’s leading HRC producer, Hoa Phat Group, has announced its new prices for May delivery, increasing them sharply by around $31-32/mt month on month to VND 14,390-14,420/kg ($546-548/mt) CIF. The decision to increase prices was largely due to foreign suppliers’ attempts to significantly raise prices, even though demand in the Vietnamese market has remained extremely weak. However, according to sources, local customers expect discounts of $2-12/mt depending on the order size. At the same time, offers for ex-India SAE1006/SS400 HRC have been voiced at $535-540/mt CFR, the same as last week, but compared to $495/mt CFR reported in early March. Offers for ex-Indonesia SAE1006 HRC have been voiced at around $565/mt CFR for June and July shipments, up by $5/mt on the lower end of the range week on week, while offers for ex-Japan coils have been estimated at $550/mt CFR, up by $5-10/mt from a deal price last week. Thus, the SteelOrbis reference price for import SAE1006 HRC in Vietnam has settled at $535-540/mt CFR, versus $530-540/mt CFR last week.
Prices for ex-India HRC have remained relatively stable over the past week, although trading activity has continued to be sluggish. Buyers have remained cautious, as the now month-long conflict in the Middle East has disrupted traditional trade flows, forcing market participants to explore alternative shipping routes. At the same time, rising domestic prices in India now exceeding $550/mt ex-works have strengthened mills’ preference for the local market, with most producers avoiding firm export offers. Market participants expect the domestic uptrend to persist for at least the next one to two months, further limiting export availability. More specifically, while indicative offers for ex-India HRC in the Middle East are at $520-530/mt FOB, some sales negotiations were heard to have begun at lower base offers in the range of $480-500/mt FOB as ‘comfort’ to the buyers and to partially offset higher freight costs through alternative shipping routes. While neither buyers nor sellers were willing to disclose details of ongoing sales talks, leaders in trade said they were privy to discussions of some tonnages being considered for deliveries to the UAE through alternative Red Sea shipping routes to transshipment destinations like the port of Jeddah, Saudi Arabia. Besides, ex-India HRC offers to Europe have been reported at approximately $590-600/mt FOB, the same as last week.
At the same time, offers for ex-India HRC in Vietnam have been estimated at around $535-540/mt CFR, the same as last week, which translates to around $515-520/mt FOB. Thus, the SteelOrbis reference price for ex-India HRC has settled at $515-590/mt FOB, up by $5/mt on the lower end of the range week on week.
In Turkey, domestic HRC prices have increased by $10/mt this week to $640-650/mt ex-`works base for June deliveries. Demand is rather moderate, but the uptrend is still mainly based on expectations and higher costs, rather than on support from consumption. Some buyers are restocking, seeing no possibilities of decreases in the near future, and so they are purchasing limited tonnages in order to have a better average margin later. Export offers are now at $620-640/mt FOB, following some deals closed to the EU at €610-620/mt CFR, including antidumping duty but excluding CBAM costs. Import offers from China have remained at $535-545/mt CFR for May-June shipments, with no fresh deals recorded, following two 50,000 mt bookings closed in late March. The ex-Malaysia workable price is at $615/mt CFR, sources report, while Egypt remains out of the picture for now. Some market players report that the Egyptian supplier has certain concerns regarding DRI/HBI production and may not have HRC export allocation for May. The price idea for non-sanctioned Russian HRC for June shipment is at around $580/mt CFR, sources reported, while the sanctioned material stands at $510-515/mt CFR, versus $500-505/mt CFR in highest bids from Turkish customers.
In the GCC, the HRC market has remained under pressure amid ongoing geopolitical tensions, as persistent disruptions of trade routes continue to limit visibility and keep most suppliers away from issuing fresh offers. While demand remains slow, declining stock levels have started to prompt cautious buying interest, with buyers seeking workable offers and alternative supply routes. Against this backdrop, a limited number of offers have begun to emerge, particularly from China and India. Chinese offers have been heard at around $490/mt FOB, with indicative freight at $60-70/mt, while broader indications for May shipment stand at $490-500/mt FOB. Indian suppliers have been offering HRC to the UAE at $480-500/mt FOB, though without confirmed deals, while official offers are reported at higher levels of $520-530/mt FOB, with some attempts to route cargoes via the Red Sea towards Jeddah. Meanwhile, Japanese suppliers remain largely absent from the market, while Russian suppliers continue to offer material at around $505-515/mt CFR for May-June shipment, highlighting the cautious and fragmented nature of the market.
European HRC prices have remained broadly stable this week, with mills in both northern Europe and Italy maintaining their official offers unchanged. However, in the north, a slight downward correction in tradable prices has been observed, as suppliers have showed increased flexibility to fill the remaining gaps in their order books. Most local HRC prices from mills in northern Europe, mainly for June delivery, have been estimated at €710-730/mt ex-works, the same as last week. At the same time, the tradable price levels have settled at €690-710/mt ex-works, versus €700-720/mt ex-works, as suppliers have aimed to finalize remaining bookings through more competitive pricing. In Italy, offers from mills have remained at €700-710/mt ex-works for May and June delivery. Meanwhile, the tradable price level is estimated at €690-700/mt ex-works for delivery in May and June, the same as last week. However, trading activity has been largely subdued due to the early onset of the Easter holidays. The import market has continued to show very limited activity, as only a limited number of fresh offers have been reported by industry sources. Indicative offer prices for HRC have settled at €540-640/mt CFR, with the lower end of the range corresponding to ex-Indonesia HRC offers, while indicative offers for ex-Turkey HRC have been voiced at around €620/mt CFR, duty paid, but excluding CBAM costs. According to sources, last week a deal for ex-Turkey HRC was signed at €610-620/mt CFR. Furthermore, offers for import HRC on DDP basis have been estimated at €690-700/mt levels.