Major Indian HRC exporters like JSW Steel etc are not seen quoting offers for the time being amid rising Chinese export offers.
Indian exporters have become perplexed and have kept themselves away from giving any export offers. Chinese HRC export offers have increased to almost 3 years high and have shooted up to USD 60/MT since last six weeks causing ambiguity among the Indian exporters and has resisted them from quoting export offers in global market.
Previously, Indian HRC export offers was heard in the range of USD 520-525/MT FoB India.However bookings could not be confirmed.
Moreover, Indian manufacturers are focusing more on domestic market owing to improved government spending,revival of demand along with rising raw material prices.
Still,Indian exporters are uncertain and have adopted wait and watch approach and mayl soon resume the export offers in the global market.
Indian HRC exports increased 11 times in Jan-May’17-According to provisional customs data maintained with SteelMint, India exported 2.70 MnT HRC/plates during Jan- May’17 against 0.25 MnT in same time period previous year . Italy, Vietnam and Belgium remained major destinations for Indian HRC exports in CY17
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