HR export offers to Indian market move up by $5-10 per tonne on strong bounce back in Rupee, which gained almost 3-4% in last one month on Indian government's approval of foreign direct investment in sectors like retail and aviation.
With domestic prices higher than international prices, importers are not hesitant to pay extra for imports. Also strong rupee favoring imports. HR coil from South Korea is heard being offered at $560/t CFR Mumbai, up by $10 from last week.Chinese offer are slightly lower, but with on going national holidays, trade activities are limited .
“Chinese HR coil offers stand at around $535-540/t CFR Mumbai,but we are sure,offers will go up once they return back to the market.” said an importer.
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