Indian HRC export offers have declined on slack demand. Market participants have reported that 40,000–50,000 MT HRC has been booked by Indian suppliers for Vietnam at around USD 505/MT CFR last week. Freight charges for 20,000 MT are around USD 10-12/MT which means FOB value will be USD 490-495/MT.
Although, Indian steel-makers remained distressed amid increasing production, holding huge inventory and crawling demand in domestic market. They have no other option but to sell their cargoes in the international market.The domestic HRC prices also surprised the market as it is higher than export offers which is the indication of bleak sentiments prevailing in the global market.
However with sudden rise in Chinese export offers, Indian exporters would like to wait and watch before making further bookings.
Japan: HRC Export Offers Remain Stable Amid Thin Trading
Japanese HRC export offers remained stable this week owing to weak trading activities happening in the global market. Since last 3 weeks export offers from Japan have not made any correction on account of dull demand coupled with high offers in the global market.
Current HRC export offers remained consistent this week and are hovering in the range of USD 520-530/MT, FoB Japan.
Chinese HRC Export Offers Rises on Strengthening Domestic Market
China’s HRC export offers have reported an increase of USD 5/MT on weekly premises as the Chinese manufacturers are expecting improvement in the domestic market this week. However trading activities remained sparse since overseas buyers are expecting drop in export prices. Although export offers have increased this week over higher billet export offers.
Hence, current HRC export offers are registered in the range of USD 495-500/MT,FoB China.
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