SteelMint has heard from its market sources that Indian manufacturers have increased their HRC export offers by USD 20-30/MT amid positive sentiments in the global market. Current offers for Indian HRC are being heard at USD 425-430/MT, FoB India basis.
With week on week surge in global HRC prices, Indian manufacturers have followed the trend and have subsequently raised their export offers. Another reason that is driving companies to focus more on exports is better realizations from the overseas market as compared to domestic sales.
These Indian exports are majorly targeted to Southeast Asian and European countries. With summer holidays getting over in Europe, demand is improving there leading to increase in its domestic HRC prices also. Thus, Indian manufacturers are able to compete with the domestic material at their hiked export prices.
Currently Indian exporters are offering HRC which is heard at 420 Euro(equivalent to USD 470-475) CFR Europe which was around 395-400 Euro against previous month.
China’s HRC export offers have registered a fall of USD 5-10/MT as the week opened today amid domestic market fluctuations and are currently being offered at USD 395-400/MT, FoB China basis.
CIS-origin HRC is being offered at USD 365-385/MT, FoB Black Sea. Whereas offers from Japan/Korea is being heard at USD 410/MT, FoB basis.
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