Indian HRC exporters have raised export offers by USD 5/MT despite less buying interest.
Indian Hot Rolled Coil (HRC) prices of 2.5 mm have moved up to USD 400/MT, FoB India, which was around USD 390-395/MT, FoB last week. Market traders don’t see any reason behind this hike. However, manufacturers are hopeful of stronger domestic demand in coming months.
“Indian manufacturers are quoting 2.5 mm HRC at USD 400-405/MT, FoB India, which is quite high as compared to Korean, Japanese, Russian and Japanese material. We don’t see trades taking place at these prices”, said a trader based in Mumbai.
Some trades have been reported at USD 390-395/MT, FoB India to Europe in first week of May, he further added.
Indian HRC Export Down by 23% Y-o-Y
Indian HRC export has noticed a downfall of 23% in FY15. The country had exported 1.7 MnT in FY14 and 1.3 MnT in FY15. In a recent conference call, JSW Steel reported a downturn of 8.1% in export of finished steel in FY15.
India’s Flat Steel Export (in “000 MT)
| Particular | FY15 | FY14 | %Growth |
| Plates | 471 | 155 | 205 |
| HR Sheets | 55 | 86 | – 36 |
| HR Coil/Strip | 1,320 | 1,723 | – 23 |
| CR Coil/Sheets | 580 | 536 | 8 |
| GP/GC Sheets/Coil | 1,629 | 1,782 | – 9 |
| Elect. Sheets | 9 | 3 | 212 |
| Total | 4,064 | 4,285 | – 5 |
All are non-alloy steel
Source: JPC
Leave a Reply