Global steel markets diverge in Oct'26 as Indian export prices rise, Chinese offers weaken and Turkish scrap recovers

Indian HRC offers to Europe rise as Q1 CY'27 bookings tighten quota availability. Chinese HRC exporters struggle to defend prices amid weak demand and elevated inventories. Turkish scrap recovers on replacement buying and restricted US availability

Indian HRC export offers to Europe increased by $19/t m-o-m to $664/t FOB in October, while Chinese offers declined by $3/t to $505/t FOB. The divergence reflects different sources of pricing power: Indian mills are benefiting from constrained access to the European market and stronger domestic selling opportunities, while