In a recent update in India’s cold rolled export market, CRC major in India – POSCO Maharashtra has increased its CRC export prices by USD 25-30/MT W-o-W.
Current CRC export offers from India are being assessed
at USD 575-580/MT FoB India, which was at USD 545/MT, FoB basis last week.
The prices have shooted up remarkably owing to higher cost of coking coal and iron ore prices. Increased cost of production is driving manufacturers to raise the CRC export offers rapidly.
As the export offers of HRC continues to show up-trend in global market, the Indian manufacturers are considering it as the benchmark and are simultaneously raising the CRC prices.
However, India’s CRC export sales from Jan-Nov ‘16 increased by 50% and stands at 0.78 MnT against 0.51 MnT in corresponding time frame of previous year.
Global offers:
Chinese manufacturers have raised the export offers by USD 5/MT , W-o-W and are heard to be in the range of USD 570-575/MT, FoB China. Export market is gaining momentum as the price rally in domestic market starts to rebound. Due to tight supply, no major deals are settled yet.
However owing to bullish sentiments prevailing in domestic market, Chinese manufacturers are not ready to accept the offers below the domestic prices.
CIS-Origin CRC export offers are heard to be in the range of USD 540-560/MT, FoB Black Sea.
The prices have shown hike of USD 15-25/MT. Although manufacturers are anticipating that CRC export offers will increase further on the backdrop of increased prices from China.
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