Chinese HDGI Export Offers Increase Despite Dull Buying Interest in Global Market

Chinese HDGI export offers continues to rise by USD 10/MT in the fourth consecutive week on the backdrop of further gains in the domestic market.

Currently China’s 1mm HDGI export offers are hovering in the range of USD 585-595/MT, FoB China. Last week the same was heard in the range of USD 575-585/MT on FoB basis.

Some deals in small quantities have been concluded with Middle East in the range of USD 585/MT on FoB basis.However constant rise in Chinese export offers has lead to lean buying activity from overseas buyers in China.

India-GP prices remain steady on improved buying activity
Indian GP prices remain stable after the rise of INR 1000/MT in the wake of new tax regime, GST implemented in the Indian steel market.Buying inquiries have improved further as traders are busy purchasing fresh stocks in the domestic market.

As per SteelMint assessment,reference prices for GP (120 GSM) 0.8mm are assessed in the range of INR 50,000-50,600/MT (ex-Mumbai),INR 47,000-47,500/MT (ex-Delhi) , INR 46,000/MT (ex-Chennai). The prices mentioned above are basic excluding GST @ 18%.