Indian CRC export offers to the European Union (EU) remained range-bound at $750-755/t CFR Antwerp ($700-705/t FOB east-coast India). Moreover, a deal of around 10,000 tonnes (t) were heard concluded at similar price levels. But, buyers, overall, have adopted a wait-and-watch approach.
Global market sentiments: Chinese CRC export offers fell by $10/t w-o-w to $615/t FOB against $625/t FOB, a week ago. Moreover, HRC offers on the Shanghai Futures Exchange (SHFE) fell by RMB 64/t ($9/t) w-o-w to RMB 3,770/t ($522/t) against RMB 3,834/t ($531/t) a week ago. Furthermore, on d-o-d basis the same inched down by RMB 19/t ($3/t) as compared to RMB 3,789/t ($525/t) on 14 May.
Europe’s domestic market scenario: Distributors are cautious about stockpiling products, keeping orders to a minimum due to price uncertainty. Additionally, European holidays this week have dampened demand further. While low inventory levels suggest distributors need to place orders, true demand hasn’t picked up yet, resulting in order books that don’t fully reflect actual market needs.
Outlook: Indian CRC export offers to EU shows mixed trends. While, prices are likely to remain stable in the near future, but demand is subdued. Long-term trends will depend on various factors, including global economic conditions and trade policies.