Flat steel prices in Indian domestic market have been subdued for last few months on poor demand and liquidity crunch, which have made steel mills consider to cut their export offers.
Steel mills have cut their Hot Rolled Coil offers to around $530-540/t FOB (down by $10-15/t from last month) on factors like depreciating rupee against USD and lower offers from CIS countries (which is being offered at $515-520/t FOB Ukraine/ Russia)
Although Chinese steel mills have raised their offers for HR coil for December in line with rise in domestic prices. Sources say that Indian offers are attractive at the moment and chances are high that Indian steel mills will manage to close deals from buyers based in UAE.
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