Indian exports of hot and cold rolled coil (HRC and CRC) to the European Union continue to struggle as prices fell for the second consecutive week. The decline of $10-15 per tonne week-on-week is attributed to weak demand in the EU and intensified price competition from other Asian suppliers.
As of May 27, offers for India-origin HRC fell to $630-635/t CFR Antwerp and $575-580/t FOB Mumbai for S235 grade, with shipments scheduled for July and August. Indonesian suppliers offered HRC at even lower rates, pressuring Indian exporters further. Despite attractive import prices, EU buyers remain cautious following the recent CBAM simplification approval by the European Parliament.
India-origin CRC prices also dropped by $10-15/t to $730-735/t CFR Antwerp and $675/t FOB India for DC01 grade. A recent India-EU deal for 1,000-1,500t of CRC was booked at $720-725/t CFR Antwerp, while Brazilian suppliers secured sales at $700-720/t CFR Antwerp for November arrivals.
Indian HR plate and galvanized coil prices remained steady, while the EU’s safeguard quotas for certain Indian steel categories are nearing exhaustion. Indian HRC offers to the GCC remain uncompetitive at $590/t CFR and $565-570/t FOB Mumbai.
