Indian Exporters Raise HRC Offers on Improved Demand

Indian HRC exporters are being heard to raise their offers further this week on increasing demand for immediate delivery.

Last week SteelMint had reported that around 15,000-20,000 MT HRC (2mm, CR grade) shipment to Malaysia was concluded at USD 450-455/MT, FoB India basis by one of the Indian steel manufacturer. However, market sources now report that HRC offers have gone up further to USD 475-480/MT FoB India.

“Some quantity of Indian HRC is booked at USD 480/MT FoB west coast India for a Malaysian re-roller.Buyers are ready to pay a premium for quick shipments as Korean and Japanese exporters are already booked for next month”, quoted one of the executive of a trading house.

While Japanese and Korean exporters are unable to make immediate delivery of flat products, Chinese HRC imports attract 6.35-25.4% anti-dumping duty in Malaysia, which makes India a preferable sourcing option.

Current HRC offers by Japanese and Korean suppliers are at USD 460-470/MT, FoB basis for June shipments, whereas Chinese offers are at USD 460-465/MT FoB China for May shipments and offers from CIS countries are at USD 450-460/MT FoB Black Sea.

HRC Prices as on 29 Apr’16

Source: SteelMint Research