Indian exporters have become quite active and are all set to further increase the HRC export offers by USD 10/MT on account of upward momentum of steel prices in China.
Market participants commented that Indian HRC export offers is anticipated to cross USD 600/MT FoB India for European market.Last offers were heard in the range of USD 590/MT. Although no deals have been concluded in this range.
European buyers have returned to market after a long holiday.Also, Euro has been depreciated against USD,which gives a better realization to Indian exporters.
Since Chinese steel prices rallied since Jun’17 has resultant to drastic surge in HRC export offers of India.Following Bengang Blast furnace incident, steel futures in China have climbed further. January HRC futures contract increased by Yuan 33/MT against Friday closure.All these factors are giving enough room to Indian steel mills to raise HRC export offers
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