Indian Manufacturers Raise HRC Export Offers to Europe

Taking advantage of anti-duty investigations initiated by Europe against key HRC exporting countries, Indian manufacturers have raised their HRC export offers to Europe.

SteelMint has heard from its market sources that India’s HRC export offers have been raised by USD 10-15/MT this week. Current HRC (2.5mm) offers from India are being heard at USD 405-410/MT, FoB China.

However, this increase is export prices is only implied for European countries. The reason being recently launched anti-dumping duty investigations by Europe on HRC imports from five countries including Brazil, Russia, Ukraine, Iran and Siberia.

On 23 May’16, the European Steel Association (Eurofer) has filed a complaint with European Commission (EC) to control inbound shipments of hot-rolled flat products of iron, non-alloy or other alloy steel from above mentioned five countries. The commission accepted the application and started their anti-dumping duty investigation on the same on 7 Jul’16.

The EC have already started anti-dumping and anti-subsidy investigations into China-origin HRC earlier this year. Thus, taking advantage of this situation Indian manufacturers have raised their export offers for Europe. However, no trade deals have been heard yet at the increased prices.

Global HRC Offers this Week

China’s flat products export offers have increased this week by USD 10-15/MT amid gains in domestic market. HRC (2.5mm AS36) offers from China are being assessed at USD 355-360/MT, CRC (1.0 mm SPCC) offers are at USD 385-390/MT. While plates (commercial grade, chromium added plates) offers are at USD 345-350/MT. All prices are on FoB China basis.

CIS countries offers are stable this week. HRC offers are at USD 360/MT. While CRC offers are assessed at USD 400/MT, FoB Black Sea. CIS-origin plates export offers are being heard at USD 370-440/MT, FoB Black Sea.

Flat Products Prices in week 29

Prices in USD/MT