Indian exporter have become mute and inactive in the global market.As offers from CIS nations and China continued to remain competitive for South East Asia.
Current HRC export offers stand at USD 500/MT FOB for Europe, which is equivalent to USD 540/t CFR Europe. These offers are not competitive against offers from CIS region to Europe.
No offers for Vietnam as Chinese prices are too low and Indian mills do not want to cut their prices to that level. Notably Indian mills booked huge quantities for Vietnam in Feb and March.
Over all market activities remain low owing to volatility in Chinese market.
Indian manufacturers may cut export offers in the month of May. SteelMint learnt from market sources that Indian mills do not have export orders for May and June delivery and in order to offset rising production , mills have to cut offers to match with other exporting countries.
Moreover no fresh export offers for MS plates also and last offer were heard in the range of USD 540/MT CFR Europe (equivalent to USD 500/t FOB India). Hence, buyers remain missing at these prices.
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