Indian HRC export offers are more or less stable for February shipments. Although inquiries have increased, according to manufacturers.
Indian mills are offering HRC (re-rolling grade) at around USD 500-510/MT, FoB India for Feb’17 shipments. Few deals have been heard to be concluded at around USD 535/MT CFR Europe (equivalent to USD 500/MT FOB India).
“An Indian mill based on west coast, heard to have sold some cargo to Vietnam at around USD 520-525/MT CFR Vietnam, freight would be around USD 20/MT. Another mill based in east coast is offering HRC at around USD 490-500/MT FOB east coast India.” said an exporter based in Mumbai.
Indian mills are banking on exports
Indian mills are banking on exports to offset weak demand in domestic market. After demonetization, domestic demand has dropped by about 20-30%. In recent investor’s call, JSW and SAIL have high export numbers for Q2 FY17.
“Export inquiries have increased in last few weeks owing to higher offers from Chinese suppliers. Few deals have been settled for South-East Asia and Europe. There are also queries for Mexico.”said an official from one of the mills.
Leave a Reply