Indian & Global Flat Products Market Highlights: Week 14 (28 Mar-3 Apr)

India

Domestic Market

This week, Indian HR/CR prices remained unchanged against previous week. However a price hike is anticipated very soon. If sources are to be believed Indian steel majors are expected to hike HR/CR prices by INR 1,000-1,500/MT in next week.

Currently 2.5mm HRC is being traded at INR 34,500-35,000/MT on average basis whereas 0.9mm CRC is being traded at INR 39,000-40,000/MT.

Export Offers

Indian sellers are currently not much interested in making any export offers owing to better sales realizations in the domestic market. No firm offers are being heard in case of HRC whereas CRC offers are as high as USD 450-460/MT, FoB India basis.

China

Domestic Market

This week was quite a volatile week for China’s domestic flat product prices. However the week ended with higher HRC prices against last week. The sentiments lifted there towards end of the week by improved economic data and price hike by a key steel mill. As per sources, domestic HRC traded at RMB 2,460-2,490/MT (USD 381-386/MT), ex-Shanghai.

Export Offers

Amid the volatile domestic market, Chinese mills have suspended their export offers and are waiting for some sustainability in market.

Chinese HRC export offers are heard at at USD 355-360/MT and CRC at 404-410/MT, FoB China basis.

Russia

Domestic Market

With rise in global flat products prices, Russian mills have also hiked their export offers resulting in subsequent increase in domestic HR/CR prices in Russian market.

Currently domestic HRC is assessed at RUB 28,000-28,500/MT (USD 415-420/MT) whereas CRC is at RUB 34,000-34500/MT (USD 500-510/MT), CPT Moscow.

Export Offers

Given the rise of USD 100-140/MT in HR/CR prices over last month, this week prices have remained unchanged. CIS origin HRC and CRC export offers are currently assessed at USD 365-370/MT and USD 440-460/MT, FoB Blac Sea.

HRC Price Summary for Week 14

*Import allowed only at MIP of USD 445/MT
Source: SteelMint Research