Rising iron ore prices in Chinese spot market has led to rise in export offers from China to Asian countries including India. Current offers for commercial grade HR coil stands at around $560-565/t, CFR Mumbai (from $550/t last week) and CR coil offered at around $610/t CFR Mumbai (from $600-605/t last week).
Indian importers say that higher offers are unlikely to be accepted amid weak demand and fluctuating currency.
“We will prefer to buy coils from domestic market, which will cost almost same as imports. Weak demand from construction and white goods have kept steel prices subdued in Indian market.” said Mr Rajat Agarwal, an importer based in Mumbai.
Leave a Reply