Indian HRC Export Offers Move Down; Trades Remain Limited

Indian HRC export offers have moved down by USD 10-15/MT amid weakening offers in global market. According to the latest assessment, Indian HRC export offers are heard around USD 540-545/MT, FoB India against previous assessment of USD 555-560/MT, FoB. Market sources mentioned that bookings of 20-25 thousand tonnes have been made for Vietnam in the range of USD 545-550/MT FoB India.

Chinese HRC export offers decline marginally over volatility in futures market-Chinese HRC export offers inched down by USD 5/MT owing to uncertainty and frequent fluctuation in futures market.Also domestic prices have lost their upward momentum resulting to drastic decline of export offers in China.

Currently HRC commercial grade ASTM A36 export offers are prevailing in the range of USD 545/MT, FoB China.Payment are made on letter of credit basis for 1,000-10,000 MT.

Prices of HRC in domestic market have noticed a decline by RMB 10/MT D-o-D and are hovering in the range of RMB 4,030-4,080/MT (Eastern China) and RMB 4,020-4,050 (Northern China) including VAT & other taxes.

Major mills in China are offering in the range of USD 545-550/MT FoB basis and are reluctant to sell below these prices.However traders in domestic market are ready to sell at USD 540/MT, FoB amid uncertainties in domestic market.

South Korea HRC export offers move down- South Korea HRC exporters are heard in the range of USD 550/MT FoB South Korea which is equivalent to USD 585/MT CFR Mumbai. Towards the end of Oct’17, HRC export offers from South Korean steel mills were assessed at USD 580/MT, FoB.

CIS origin HRC exports offers decline on low demand-CIS nations HRC export offers move down by USD 10/MT and are heard in the range of USD 530-550/MT, FoB Black Sea which was previously heard in range of USD 540-555/MT, FoB.Overseas buyers are anticipating further fall in global flat steel prices.

Global Flat Steel Export Offers-Week 46

Source-SteelMint Research
*including VAT