Indian manufactures have started booking decent quantities for exports to overseas market amid weak domestic demand.
As per market participants report, Indian steelmakers have booked 40,000 MT HRC for export to Vietnam in the range of USD 570-575/MT CFR,which is equivalent to USD 555-560/MT FoB India.
Last offers were heard in the range of USD 570/MT,FoB basis. Hence Indian HRC export offers have come down by USD 15/MT against previous assessment.
A Vietnam based local trader shared that an Indian steel maker had put some quantities for HRC export at USD 575/MT, CFR for positioned cargoes for Nov’17 shipments , but the company was unable to fetch bids.
However Vietnamese buyers remained very active in global market and has been the largest importer of Indian flat steel in CY17. It has occupied 16.12% (0.95 MnT) of share in the first seven months of CY17.
Although constant drop in Chinese export volumes may prove to be the better opportunity for Indian exporters to cater to overseas market.
Vietnamese importers resume HRC imports from China
Vietnam importers resume HRC imports as Chinese prices stabilize, some mills in China have stopped offering cargoes amid production cuts.
A trader based in Vietnam mentioned that HRC offers from Xinyu and Magang Chinese mills are at USD 570-575/MT CFR Vietnam and Rizhao mills are offering in range of USD 580- 585/MT CFR basis.Although Benxi mills are offering on higher side which is around USD 585-590/MT CFR basis but workable price is USD 580/MT CFR.
Some of Japanese based companies like Nippon steel and JFE steel are offering HRC in the range of USD 610/MT CFR Vietnam.
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