China’s export price of SS400 3mm hot-rolled coil (HRC) under Mysteel’s assessment at North China's Tianjin port stood flat over January 5-9 at $455/tonne, Mysteel's latest market roundup showed.
By mid-week, HRC export offers from major Chinese steel mills rose to $473-475/t, primarily driven by a broad rally in Chinese ferrous futures, which was fueled by macroeconomic signals pointing to China's loose monetary policy in 2026 and market concerns over potential coal supply contraction within the country, as reported.
With the sentiment-driven futures rally losing steam amid cooler market sentiment, hot coil quotes in the export market retreated slightly towards the end of the week. Nevertheless, steel mills remained largely firm on their export offers, as the new export licensing system which took effect on January 1 could increase their compliance costs and squeeze their profit margins, market sources noted.
On the other hand, the overall liquidity in the Chinese HRC export market clearly slowed. Overseas demand for Chinese hot coils was tepid due to a weakening price advantage and uncertainties stemming from ongoing anti-dumping investigations targeting this flat steel item, Mysteel noted.
In India, domestic HRC prices retreated late last week after a strong rise of around INR 5,000/t ($55/t), as buyers grew more resistant to elevated price levels. Meanwhile, export demand for Indian coils - particularly from Vietnam - remained a key balancing factor, with Indian SS400 and SAE1006 HRC offers largely steady at $485–490/t CFR Vietnam. These offers remained about $20/t lower than prices in Vietnam's local market, facilitating the trading.
In the Middle East, the UAE continued to see relatively healthy trading activity driven by local restocking demand, with recent transactions for Japanese and Indian HRC concluded near $487–490/t CFR. Overall Chinese HRC supply remained tight in the market following the release of the export licensing system, with current offers largely clustering at $480–485/t CFR.
Saudi Arabia, however, saw a cooldown in HRC buying, as higher Chinese offers and uncertainty over new price benchmarks prompted many buyers and sellers to step back. Market participants in Saudi Arabia said Chinese HRC offers have risen by about $10/t from earlier levels, exceeding market expectations. Before the price increase, the market had concluded a number of deals for Chinese 1.5 mm HRC at benchmark prices of around $460–465/t FOB. As price volatility intensified, subsequent negotiations have slowed markedly.
In Europe, flat steel prices were broadly stable, but overall trading remained subdued as some market participants have yet to return to the market from their holidays. The full implementation of the EU's carbon border adjustment mechanism (CBAM) is expected to lend medium-term support to local steel producers. Meanwhile, US HRC prices edged higher, underpinned by extended delivery times and signs of improving demand from the country's automotive and construction sectors.
Meanwhile, China's export price of SPCC 1.0mm cold-rolled coil (CRC) at Tianjin port ticked up by $2/t on week to $520/t FOB by January 9, according to Mysteel's assessment.
Source:Mysteel Global
