Imported HRC/CRC offers to India from China, Japan, and Korea have remained flat this week amid year-end holidays.
Current offers for 2.5 mm HRC (SS400) from China are assessed at USD 260-265/MT FOB, Korea and Japan at around USD 270-280/MT FoB and CIS region at USD 255/MT FoB Black Sea. While, CRC offers from China are assessed in the range of USD 310-320/MT and from Korea/Japan at USD 380/MT, CNF India.
“There won’t be any movement this week because of holiday season. Change in prices, if any, is expected only in first week of January”, quoted an importer based in Mumbai.
China’s domestic HRC prices have moved up in last few weeks. SteelMint has heard that commercial grade HRC prices in eastern China have increased by USD 26-32/MT in last 15 days.
However, Chinese traders are apprehensive whether customers will accept this price increase post holidays.
As per market sources, imported HRC/CRC prices, which have been stable since last one month, are likely to fall in coming months of 2016 as China is anticipated to pour more steel in the market in order to meet its GDP target.
However, with introduction of BIS norms and news of Minimum Import Price (MIP) doing rounds in Indian steel circuit, there is a temporary halt in import bookings.
MIP is likely to be imposed very soon on steel imports as the proposal has been sent to PMO (Prime Minister Office) by Steel Ministry. With MIP imposition, imports below decided floor price would not be allowed into India.
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