SteelMint in conversation with industry participants learned that major Indian steelmaker has concluded HRC export deal with Taiwan for Sep shipments.
As per an update received, major Indian steelmaker booked around 25,000 MT of HRC with Taiwan in the range of USD 470-480/MT CFR Taiwan for Sep shipments.
Meanwhile another major steelmaker based in western region booked around 10,000 MT of HRC with Malaysia. However price levels could not be confirmed at the time of publishing this report.
Thus Indian HRC exports turned robust over limited trades and sluggish demand experienced in domestic market resulting in increased inventories.Thus Indian steelmakers have started exploring new export options and are targeting overseas nations to offload surplus inventory present in domestic market.
Indian HRC export offers to Vietnam – In the beginning of this week major Indian steelmaker based in eastern region booked around 40,000 MT of HRC with end users based in Vietnam at USD 477/MT CFR Vietnam for Sep or early Oct shipments. Last week 60,000 MT positioned HRC was booked at USD 475/MT, CFR Vietnam levels.
However Indian steel mills further corrected HRC export offers slightly for Vietnam which is now hovering around USD 472/MT CFR basis for Sep shipments. Few deals were reported at these levels too.
Thus lower HRC export offers from India attract buyers based in Vietnam.End users in Vietnam are actively procuring material from Indian steel mills over China as latter is offering material on slightly higher prices.
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