SteelMint’s Indian HRC export index witnessed a significant increase this week by $13/t. Index for HRC (SAE 1006) FoB India stands at a $543/t FoB basis. Last week the index stood at $530/t FoB basis. No confirmed deals (T1) were recorded in this publishing window.
Four indicative prices were considered as T2 inputs, with an average price of $543/t. The final price was an average of T2 inputs. The CFR prices were converted to FoB equivalent by deducting freight costs from the buyer/seller.
Indian mills have raised HRC export offers amid strengthening Chinese offers. Also, strong demand in the domestic market across major exporting nations resulted in limited allocations and hike in export offers. Indian mills continue to focus on domestic sales on better realizations over exports.
Global HRC market overview –
1. Chinese export offers rise as RMB gains against $ – The Chinese mills have further increased their HRC export offers on higher steel prices. Gains in the futures market and strengthening of RMB against $ resulted in bullish sentiments in the Chinese market. Currently, the mills are offering HRC at $535-540/t FoB China, which was a $520-525/t FoB basis a week back.
2. CIS origin HRC export offers up by $40 w-o-w- CIS origin HRC export offers jumped by $40/t w-o-w basis and stood at $515-525/t FoB basis on lower inventory level. Last week offers stood in the range of $475-495/t FoB basis
3. Imported HRC offers in Vietnam up by $20-25/t w-o-w from China– Imported HRC offers for Vietnam have further increased by $20/t on the week from China. A confirmed deal of 10,000-15,000 t HRC (SAE 1006) heard from a Chinese mill concluded last week at $550-555/t CFR Vietnam for end-Dec shipment.
4. Imported HRC offers to Pakistan up by $20-25/t w-o-w from China – Imported HRC offers to Pakistan also ascended by $20/t w-o-w from China. Current offers for Chinese HRC (SS 400 B) stand at $570/t CFR Pakistan in contrast with a $546/t CFR basis a week ago. Meanwhile, Chinese HRC (SAE 1006) is being offered at a $580/t CFR basis.
5. Indian HRC price to Nepal increases by $10/t in the recent deal – Indian mills had increased their offers to Nepal by $10/t and concluded four rakes of HRC at $560-565/t ex-mill equivalent to $580-585/t CFR Raxual border for Dec- Jan shipments
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