With fall in China’s HRC export offers, Indian manufacturers have subsequently lowered down their export offers by USD 5-10/MT.
As per market sources, currently one of the Indian steel major is offering its HRC at USD 450/MT, FoB India basis.
During last month, India’s HRC export offers were as high as at USD 485-490/MT, FoB India. However, China being the benchmark of all export markets, downtrend in country’s export prices affected India’s export offers.
At present, due to subdued domestic demand, excess supply and liquidity crunch, Indian manufacturers are finding it very difficult to raise their domestic HRC prices. Thus they are opting for export market so that the supply remains tight in the domestic market.
While China is offering its HRC at USD 410-415/MT FoB China, offers from CIS countries are stable at USD 465-490/MT, FoB Black Sea.
India’s HR Exports Down Y-o-Y
As per the provisional customs data, India’s HR exports under HS code 7208 plunged by 75% Y-o-Y basis and is recorded at 19,943 MT in Apr’16 while it fell by 43% M-o-M basis.
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