Indian Exporters reduce HRC Offers on depreciating Rupee

Indian exporters have reduced HRC offers this week by USD 10-15/MT on the grounds of depreciating Indian currency and competitive offers from CIS region. Exporters have reported the offers to be at around USD 480/MT FoB from previous levels of USD 490-495/MT, FoB West Coast of India.

“There is some correction in offers for two reasons; one is the falling Indian Rupee, which corrected by about 2.5-3.0% in last few trading sessions and other is the competitive offers from CIS nations. Current offers are around USD 480/MT to Middle East,” said an exporter based in Mumbai.

Russian Steelmakers Edge over depreciating Russian Ruble

Russian currency, Ruble hit rock bottom on the backdrop of falling crude oil prices as it has depreciated over 70% in 2014 (from 34 to 70 per USD). Russian Flat steel offers are very competitive at the moment. HRC prices are hovering in the range of USD 435-445/MT, FoB Black Sea, based on quantity and unload destination.

Another Indian importer reported to heard offers of Russian HRC in the range of around USD 465-470/MT, CIF Mumbai. However, he hasn’t concluded any deal at these levels.

HRC Import & Export Offers