Indian HRC exporters remain inactive and continue to hold offers this week. Market participants highlighted that Indian HRC exporters are holding the offers and are in wait and watch mode.
They are waiting to analyse the impact of recent Debbie cyclone in Australia which has adversely impacted the coal transportation infrastructure with minimal impact on ports & mines. Since then coking coal prices have increased sharply.
Last assessment of HRC export offers from India was at USD 500/MT FoB India. However, Vietnam market has become quiet and few enquiries have been heard from Europe market.
Chinese HRC Export Offers Fall Over Increased Inventory
Chinese HRC exports offers showed the downtrend this week of USD 10/MT on account of softening of demand in the domestic market. Moreover, Chinese manufacturers are facing various inventory pressures, forcing them to cut their prices in the global and domestic market.
Currently HRC export offers from China are hovering in the range of USD 470-480/MT, FoB China. However last week the offers were prevailing in the range of USD 485-490/MT, FoB basis.
Chinese CRC Export Offers Fall On Lean Buying Activities
China’s CRC export offers also reported the slump this week by USD 25/MT owing to thin buying interest among the global and domestic buyers. Besides this two days of public holiday in China on the occasion of Tomb Sweeping festival has also led to decline in CRC export offers.
Currently CRC export offers from China are hovering in the range of USD 510-515/MT, FoB China. However last week the offers were prevailing in the range of USD 535-540/MT, FoB basis.
CIS-origin HRC Export Offers Remain Stable
CIS-origin HRC export offers are heard to be in the range of USD 475-490/MT FoB Black Sea. Offers remained stable this week owing to volatility of sentiments in the domestic market.
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