Rising iron ore prices in intentional market and firming steel prices have made Chinese and Japanese steel makers to raise HRC offers to Indian market as well. Although Indian importers are still not participating actively due to weak Rupee against dollar and competitive offers from domestic players.
Current HRC (2.5mm, Commercial grade) offers from Chinese exporters stand at $590-595/t CFR Mumbai, where as Japanese HRC being offered at around $600-605/t CFR, higher by $10/t from last prices.
Indian domestic HRC prices stand at Rs 34,500-35,500/t (Ex-Works, 2.5mm), comparatively cheaper than imported coil.
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