Indian Exporters Raise HRC offers by USD 5-10/MT for Jan Shipments

SteelMint  has  heard  from  its  market  sources  that  Indian  HRC  exporters  have  raised their  offers  by  about  USD 5-10/MT  W-o-W. Last  week  offers  were  assessed  at  USD   490-500/MT,  FoB  India.

However  this  week  offers  have  moved  up  and  are  heard  to  be  hovering  in  the  range of  USD  505-510/MT,  FoB  India.Improved  booking  quantities  has  lead  to  rise  in  HRC export  offers.

Although  only  handful  of  deals  are  been  booked  to  Europe. Even, Turkey  based  steel  mills  have  also  settled  some  deals  with  European  buyers  at  around  USD 520/t FOB.

On  account  of  anti  dumping  duty  imposed  on  Chinese  material, Indian  manufacturers  are  raising  their  export  offers  with  the  motive  to  gain  huge  profits  in  foreign  market.

China’s HRC Export Offers Stable  
China’s  HRC  export  offers  remain  firm  owing  to  positive  sentiments  in  domestic  market.Domestic  market  continues  to  show  uptrend  this  week  as  it  leads  to  the deadlock  situation  between  the  buyers  and  sellers.

Currently, China’s  HRC  export  offers  are  heard  to  be  in  the  range  of  USD 475-485/MT,FoB  China.

The  State  Council  Mills  investigate  that  Chinese  mills  are   ramping  up  the  capacity  illegally  which  gives  scope  of  bullish  sentiments  prevailing  in  domestic  market.

Hence, Chinese  manufacturers  remain  inactive  in  the  export  market  and  had  even  suspended  their  export  offers  owing  to  good  realizations  of  sales  in  domestic  market.

However,if  the  demand  in  the  home  market is expected to remain aggressive in next two weeks,it is uncertain whether the manufacturers will restart the export offers by the end of this year.

Buying activities remain lean this week and overseas buyers are seeking the HRC export offers from Japan owing to better quality and comparatively lower prices.

Global offers

CIS-Origin are offering HRC export offers at USD 460-470/MT,FoB Black Sea.Whereas export offers from Japan and Korea are assessed in the range of USD 510-520,FoB Japan.

Due to liquidity crunch caused by demonetization,no major deals are concluded yet.Although import offers from Japan/Korea are heard to be in range of 530-540,CFR basis.

HRC Export Offers as on 28 Nov’2016

Prices in USD/MT
Source-SteelMInt Research