SteelMint learned from market sources that recently Vietnam based importers have booked HRC from Indian mill for October shipments.
A major mill based in western India has booked a vessel of around 10-25,000 MT HRC (SAE 1006) to Vietnam in the range of USD 585-590/MT CFR basis for October shipments.
In the beginning of this week another mill based in eastern region has concluded a deal of around 20,000 MT of HRC to Vietnam in the range of USD 588-590/MT CFR basis.
Currently Chinese mills are offering HRC ( SAE 1006) to Vietnam in the range of USD 590-600/MT CFR basis.
Meanwhile last month Indian currency INR stood around 68-69 and now depreciated to record low to 72 against USD. Thus devaluation of Indian currency against USD proved to be in favor of major Indian mills as they gain higher realizations by exporting material to overseas market
India exported 6% of flat steel to Vietnam in H1CY18-As per the data maintained with SteelMint India exported 2.66 MnT of flat steel in first half of CY18.Out of which India exported 0.16 MnT of flat steel to Vietnam occupied the share of 6% in Jan-Jun’18.
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