Recently Indian steel mill have reduced HRC export offers by USD 5-10/MT for South East Asian nations in line with falling HRC export offers from China.
Market participants in conversation with SteelMint reported that Indian HRC export offers to Vietnam have come down this week in recent deals concluded.
A major Indian steel mill based in western region has concluded a deal of 5000 MT of HRC cargo to Vietnam buyer in the range of USD 600-605/MT CFR basis.
Prior to this, Indian steelmakers have exported over 120,000 MT of HRC to South East Asian nations in the month of June which was in the range of USD 610-615/MT CFR basis.
Meanwhile imported HRC offers from China witnessed sharp decline and are hovering in range of USD 600-605/MT CFR basis.Meanwhile Indian steelmakers are providing HRC in similar range.Thus end users in Vietnam have started preferring Indian HRC over competitive pricing.
Imported HRC offers to Vietnam
1.HRC (SAE 1006) 2-3mm / Chinese offer – Benxi Iron & Steel mill at USD 605/MT,CFR Vietnam.
2.HRC (SAE 1006) 2-3mm / Chinese offer – Magang Steel at USD 600/MT CFR Vietnam.
3.HRC (SS 400) 2-3mm / Chinese offer – Shandong Steel at USD 595-600/MT CFR Vietnam.
4.HRC (SAE 1006) 2-3 mm/Indian offer- Steel Mill at USD 595-600/MT CFR Vietnam.
4.Vietnam based domestic producer Formosa likely to revise HRC export offers in upcoming week.
Indian flat steel exports in Jan-Apr’18: As per the data maintained with SteelMint ,Indian flat steel exports comprises of 2.03 MnT of flat steel in Jan-Apr’18.Out of which Vietnam accounts for 0.12 MnT occupied the share of 6.02% of share in Jan-Apr’18.
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