Indian Exporters hold HRC Offers at USD 415/MT

Indian HRC manufacturers continue to hold HRC offers this week despite low buying interest and competitive offers from Chinese manufacturers.

Current offers for IS 2062 grade HRC (2.5 mm) assessed at USD 415/MT, FoB India; similar to last week’s offer. Some transactions were recorded at USD 415/MT, FoB West Coast India to Malaysia in the month of March by JSW Steel.

An official of a big trading house based in Mumbai urged, “Indian manufacturers are reluctant to cut offers looking at higher cost of production and better realizations in the domestic market. Offers are assessed at around USD 415/MT, FoB India.”

Net Sales Realization (NSR) from export will be quite lower as compared to domestic sales. If domestic NSR would be at INR 31,000/MT, the NSR from export will be around INR 26,000-26,500/MT.

Indian manufacturers have almost maintained HR Coil prices at the same level for April deliveries, with prices ranging from INR 36,500-37,500/MT (including freight cost and excise duty of 12.5%).

Realization in INR/MT
Source: SteelMint Research

Indian Flat Steel Exports down by 5% Y-o-Y

Indian Flat steel exports down by almost 5% in FY15 (Apr’14-Feb’15) against FY14 (Apr’13-Feb’14) as per the latest data released by Joint Planning Committee (JPC).

Source: JPC