Indian HRC Export Offers Remain Firm Amid Limited Trades

Recently, Indian steel players have raised the flat steel prices by INR 2000-3000/MT owing to hike in raw material prices. Hence the inflated cost is passed on to the consumers. But, demand in domestic steel market continues to remain dull and weak.

Hence, Indian manufacturers are exploring export options to increase their sales volume and to gain huge profits. However this week Indian HRC export offers remain stable as the market participants are waiting for the Chinese market to open in full fledged manner.

Indian HRC export offers remain unchanged at USD 510-520/MT, FoB. Indian HRC exporters are largely targeting South East Asian market where offers are hovering at USD 525-535/MT CFR. But no major deals are settled yet. Few market sources shared that Indian steel makers may hike export offers in the coming term amid increased raw material cost.

However, market sources anticipate that export offers may fall in Feb’17 as many Chinese steel mills which are presently closed are likely to open in Feb which may pressurize the export offers.

Although, Chinese markets have opened on a mixed sentiments after new year holidays.  There is limited trade activities are concluded yet as buyers are in  wait and watch mode till Chinese market start to gain the momentum.

In case of Plates, no major export offers are heard  due to  rise in domestic plate prices.

Export Offers as on 5 Jan’2017

Prices in USD/MT
Source-SteelMint Reseacrh