Indian mill books 25,000 t re-bar for June export shipment

An Indian mill has reportedly booked around 25,000 t of re-bar to Hong Kong for June shipment at around $685/t CFR levels, equivalent to $645-650/t FoB, SteelMint learned from market participants. Exports by Indian mills are expected to pick up as a result of:

1. Rising Covid cases in the country that could have a negative impact on domestic demand; and
2. Rising steel prices in China, supported by production cuts and alignment of export offers to a zero-tax rebate basis.