Indian HRC Export Offers Fall in Line With Drop in Global Market

Indian HRC export offers moved down by USD 10/MT owing to fewer bookings since buyers are expecting lower offers.Currently Indian HRC export offers are assessed at USD 600/MT, FoB India against last week’s assessment of USD 610/MT, FoB India. Market participants mentioned that bookings of 10,000 MT is likely to be confirmed with Malaysia.

Also few deals were reported by a major Indian steel maker for export to Europe at around USD 580-585/MT, FoB India.

Chinese HRC export offers decline sharply amid softening domestic market–
Nation’s HRC export offers registered the decline of USD 15-20/MT W-o-W. Chinese steel future have declined by RMB 180/MT against last week which led to weakening domestic prices.

Currently HRC commercial grade ASTM A36 export offers are prevailing in the range of USD 560-585/MT, FoB China. Payment are made on letter of credit basis for 1,000-10,000 MT.

However prices of HRC in domestic market are heard to be in the range of RMB 3,950-3,980/MT (USD 597-602/MT) including VAT & other taxes.

Major mills in China have dropped their export offers by USD 20/MT and are heard in the range of USD 580/MT.However some have also withdrawn their export offers amid weak purchases from overseas buyers.Market sentiments will have a clear outlook after National Day Holiday approaching in first week of Oct’17.

Japan HRC export offers remained stable
Japanese HRC export offers remained consistent this week and are heard in the range of USD 580-590/MT,FoB Japan. No firm HRC export offers were heard from South Korea

CIS-Origin HRC Export Offers decline further by USD 10/MT-
CIS nations HRC export offers decline further by USD 10/MT and hovering in the range of USD 575-610/MT,FoB Black Sea against USD 585-610/MT on FoB basis.

Global Export Offers-Week 40

*including VAT
Source: SteelMint Research