Indian HRC export offers have corrected this week by USD 5-10/MT owing to falling prices in global market. Current offers for base grade HRC (SAE 1006) are assessed at USD 405-410/MT FOB India main port, which were hovering in the range of USD 410-420/MT last week.
However, trading activities remain low. Buyers remained bearish and prefer to hold their purchases. Buying interest is expected at USD 380-390/MT FOB India, according to trade sources.
A big mill in western India was heard to offer HRC at USD 400-405/MT, FoB India for European buyers and USD 405-410/MT, FoB India for South East Asian buyers. Freight to Europe is around USD 30-35/MT and South East Asia is around USD 20-25/MT.
Chinese HRC export offers remain low
Chinese HRC (SS400) offers are assessed at USD 325-335 /MT, FoB China main port. Prices have been consistently falling due to increased supply and trade restrictions for Chinese cargoes in several countries.
Similarly, HRC offers from CIS region also fell to USD 360-370 /MT, FoB Black Sea.
Indian exporters are exploiting opportunities in countries, which have put restriction on Chinese cargoes in the form of safeguard or anti-dumping.
Indian HRC export increases in May
Indian HRC export increased in the month of May’16 owing to increase in global prices. India exported around 150,000 MT HRC in the month against 20,000 MT in Apr’16.
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