The BigMint India HRC export index (for the Middle East and Vietnam) fell by $8/t w-o-w to $567/t FOB east coast India. Prices dropped amid sluggish global market sentiments and slow trade activities. China’s Shanghai Futures Exchange (SHFE) declined sharply by RMB 94/t ($13/t w-o-w while Vietnamese steel major Hoa Phat reduced domestic HRC prices by $40-45/t CIF HCMC. Plus, the offers to the Middle East remained flat w-o-w at $605-610/t because of Ramadan. Offers to Europe were also flat w-o-w at $590-600/t as the market there remained subdued in the post-Easter period. EU buyers are uncertain over safeguard duty measures.
