Indian hot rolled coil export prices dropped by almost $50 per tonne as
exports to Europe were booked at lower levels, said market participants.
Exports were booked at
$590-595/MT FOB Indian ports to Europe, down from $640-645 FOB two weeks ago. The
shipments are to be rolled in December. Indian mills have drastically reduced
their prices as domestic demand for hot rolled coil (HRC) has been very
sluggish.
However, the mill that sold at
$590-595 has increased its November and December production by almost 10%
compared with its October output. “The domestic European market is very
competitive. If you want to sell into Europe, you need to offer them a good
incentive,” said market participants.
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