Indian HRC Export Offers reduce by USD 10-15/MT W-o-W

Indian HRC export offers fell by USD 10-15/MT owing to oversupply from Chinese & Russian HRC manufacturers in the international market.

An executive of international trading company while talking to SteelMint said that oversupply of Chinese HRC in the international market has led to correction in Indian export offers.

Indian HRC offers to Middle East remained at USD 420-430/MT, FoB India. Whereas , Chinese export offers to Middle East stood at USD 410/MT, CIF Middle East.

Middle East markets remain a strategic market for Indian manufacturers, but oversupply of HRC from Chinese and Korean manufacturers at competitive prices have led to fall in export orders from India as of now.

Indian Exports to Middle East rise Y-o-Y  

Trade data reveals that the total HRC & Plate exports to UAE between Apr’14-Dec’14 stood at 0.28 MnT as compared to only 0.22MnT for entire FY’14. Whereas, HR Coils exports to Italy stood at 0.22 MnT between Apr’14-Dec’14.