Indian hot-rolled coil (HRC) export activity to Europe remains dull due to ongoing maintenance shutdowns at Indian steel mills. Indian HRC export activity to Europe is currently subdued. This is due to maintenance shutdowns happening at Indian steel mills in the July-August period. Steel consumption in India has been declining, with a 5% drop in production in June compared to May. Inventory levels at Indian mills have been increasing, as domestic demand has weakened. However, HRC prices have remained slightly stronger than other steel products, as export prices/offers to Europe have remained somewhat firm. European buyers are reluctant to place orders above $575 per tonne, as they expect further price drops from Indian suppliers in the coming weeks. In summary, Indian HRC export activity to Europe has been dampened by maintenance shutdowns at Indian mills, as well as weakening domestic demand and rising inventories in India. European buyers are holding off on orders, anticipating lower prices from Indian suppliers in the near future.
