According to data released by Joint Plant Committee (JPC), govt of India, exports of GP/GC sheets and coils have come down this fiscal. India exported 0.53 MnT GP/GC sheets & coils during Apr-Aug’17 compared to 0.69 MnT in the same time period last fiscal. Thus, exports have fallen by 23% Y-o-Y.
Major export destinations so far in FY18 remained – Belgium (0.11 MnT), Italy (0.05 MnT) and Spain (0.04 MnT).
Indian HDGI export offers on hold – Market participants mentioned that Indian steel mills have hold the HDGI export offers and are not seeing quoting any offers for HDGI (SGCC dx 51a) as of now. However last export offers for the same heard at USD 750/MT, FoB India.
India- Domestic GP Buying Remains Dull
Galvanized plain (GP) coil prices recorded decline this week by INR 500-1000/MT W-o-W basis in few of the markets.Festive holidays amid lesser bookings for the month of October has resulted to reduction of GP prices in traders market.
As per SteelMint assessment,reference prices of GP (120 GSM) 0.8mm for this week are hovering in the range of INR 53,000/MT (ex-Mumbai),INR 52,000/MT (ex-Chennai),INR 50,500/MT(ex-Delhi) and INR 52,500-57,000/MT( ex-Hyderabad).
The prices mentioned above are basic excluding GST @ 18%.
Chinese HDGI export offers started to retreat over fall in domestic prices
Chinese HDGI export offers started to bounce back this week by USD 5-10/MT since the prices has witnessed the fall in the domestic market.
Presently Chinese export offers for 1.0 mm,120g HDGI are assessed in the range of USD 660-670/MT,FoB China.However last week the prices are gauged in range of USD 670-675/MT,Fob basis.
Major mills in China have lowered their export offers and are offering in the range of USD 670/MT on FoB basis. Bookings of 3000 MT have been made for Thailand, in the range of USD 670/MT on Fob basis since the overseas buyers resist buying on higher export offers from China.
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