Chinese HRC export offers have gone up this week by USD 10/MT W-o-W. Following the suit, a major Indian steelmaker has also raised the HRC export offers by USD 10-15/MT.Chinese HRC export offers is showing upward trend, propelling the Indian mills to surge the export offers in the global market.
Market participants highlighted that the steel maker has sold nearly 20,000 MT of HRC to Vietnam for Sep ‘17 shipments in the range of USD 470-475/MT, FoB India which is equivalent to USD 485-490/MT, CFR Vietnam.
As per sources major steel players in India have sold nearly 2.5-3 lakh tonnes of HRC in last few days for Jul and mid Aug shipments.They have now closed the bookings.
Previously deals have been concluded for Aug’17 shipments in the range of USD 470/MT CFR Vietnam.
Demand for Indian cargoes have started picking up from overseas buyers as Chinese HRC export offers are witnessing continuous hike and are anticipated to increase further over positive domestic market.
Indian export volumes accounts for 35% of HRC share in May’17
According to provisional data released by Joint Plant Committee (govt. of India) country exported 1.03 MnT flat steel in May’17, out of which HRC export accounted for 0.36 MnT which shows that 35% of HRC/strips has been exported from India.
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