POSCO-Maharashtra Lowers its CRCA Export Offers

SteelMint has heard from its market sources that POSCO-Maharashtra has cut its CRCA export offers and is currently offering the same at USD 470-475/MT, FoB India basis. Last offers from the company were heard at USD 490-500/MT, FoB India.

Although overseas buyers are expecting offers to lower down further by USD 10-15/MT, few trade deals have been heard in Southeast Asian countries at current rates.

European Union (EU) is one of the key export markets for various steel exporting countries due to its high per capita steel consumption.

At present, Indian exporters have an advantage in European countries over their Russian and Chinese counterparts as EU has imposed trade restrictions on steel imports from China and Russia. However, currently there is weak buying interest from EU because of seasonal slowdown in country’s steel demand during summers.

China’s CRC (1.0mm, SPCC) offers are heard to be at USD 395-400/MT, FoB China and has remained unchanged against last week. CRC offers from CIS countries are assessed at USD 400-410/MT, FoB Black Sea.

CRC Offers as on 28 Jul’16