Dear Customers,
To improve price transparency for Indian-origin hot-rolled coil supplied to Northern Europe and provide market participants with a consistent reference for cross-border trade, Shanghai Metals Market (SMM), following extensive market research and industry consultation, has decided to launch the HRC S235JR 3.0×1250×C Indian-Origin CFR Northern Europe spot price assessment on 23 September 2026.
Northern Europe is a major HRC-consuming and importing market, while India is an established supplier of flat steel to international destinations. Delivered prices can vary according to ocean freight, destination port, shipment schedule, payment terms and regulatory costs. The new assessment will standardise these variables to reflect mainstream spot transactions, firm bids, offers and tradable indications on a CFR Northern Europe basis.
The assessment will help steelmakers, traders, importers and downstream users monitor Indian export prices, European import parity and regional price differentials. It will also provide an objective reference for procurement, contract negotiations and trade-risk management.
Details of the New Price Assessment:
| Price Assessment | Price Code | Specification | Origin | Delivery Basis | Currency/Unit | Frequency | Collection Time | Publication Time |
| HRC S235JR 3.0×1250×C Indian-Origin CFR Northern Europe | SMM-GS-HR-026 | S235JR, 3.0×1250×C | India | CFR Northern Europe main ports | USD/tonne | Weekly, every Wednesday | Wednesday, 10:30–11:30 India time | Wednesday, 12:00 India time |
Common Notes:
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Price type: Spot price benchmark assessed under the SMM pricing methodology.
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Tax basis: VAT excluded.
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HS code: 72083800.
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Quality standard: EN 10025-2.
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Display precision: Prices will be published to the nearest whole USD/tonne.
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Origin: India.
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Base grade: S235JR.
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Non-standard dimensions, ports and payment terms will be normalised to the base specification.
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The CFR price excludes destination import duties, taxes, trade-remedy charges and costs associated with the Carbon Border Adjustment Mechanism.
Quality Specification:
S235JR is a non-alloy structural steel conforming to EN 10025-2. For the assessed 3.0mm thickness, the reference specification has a minimum yield strength of 235MPa, tensile strength of 360–510MPa and minimum elongation of 24%. Maximum cast-analysis values are C 0.17%, Mn 1.40%, P 0.035%, S 0.035%, N 0.012% and Cu 0.55%.
The JR designation corresponds to a minimum Charpy V-notch impact energy of 27J at +20°C. The applicability of impact testing to 3.0mm material is subject to the specified test-piece thickness and individual order requirements.
Assessment Parameters:
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Minimum quantity: 500 tonnes.
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Payment terms: L/C at sight, settled in US dollars. Other payment arrangements will be standardised to the base terms.
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Delivery period: Within 8–10 weeks.
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Delivery location: Northern Europe main ports.
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Publication schedule: Weekly, every Wednesday at 12:00 India time.
Methodology Note:
The assessment will be determined using validated transaction data, bids, offers and other relevant market information collected through SMM’s market-engagement process. All information will be reviewed and, where necessary, normalised for differences in specification, port, payment terms, quantity and delivery period.
The assessment will be formulated and published in accordance with the SMM pricing methodology to reflect mainstream spot-market levels for Indian-origin S235JR HRC delivered to Northern Europe under the stated specifications and trading terms.
For questions or suggestions concerning the new assessment, please contact us.
Shanghai Metals Market (SMM)
Steel Research Team
11 September 2026