SteelMint learned from market sources that Indian manufacturers have allocated limited material for exports since they are focusing in domestic market. Thus tight supply lead to surge in HRC export offers from India in overseas market.
Indian exporters scaled up HRC export offers for Europe-Few trade sources shared that major Indian steel mill have raised HRC export offers by around USD 20-25/MT which are heard in the range of USD 685-690/MT CFR Europe.This will be equivalent to USD 650-655/MT FoB India.
Previously Indian mills were offering HRC export offers for Europe were at USD 670/MT, CFR.
Indian domestic flat steel prices witness spurt over supply constraints- Major Indian manufactures have once again raised flat steel prices by INR 1500-2000/MT for Feb deliveries amid tight supply of material in domestic market.Few major mill are already holding backlog orders for exports and few orders from automobile companies.Thus demand supply mismatch and less import bookings is leading to hike in Indian flat steel prices.
Tata Steel’s plant under maintenance- Tata Steel’s Kalinganagar plant is facing unscheduled shut down due to technical issue in its blast furnace which is resulting in company’s loss of production of 0.15 MnT. However sources inquired that the repair work of the furnace is on process and the company is expecting to restart the furnace in next 7 to 10 days. As reported the company is currently meeting its customer commitments from existing inventory at Jamshedpur plant.Thus creating supply crunch in domestic market.
Indian finished steel Exports Decline 36% M-o-M basis in Jan’18 – As per provisional data released by Joint Plant Committee (govt. of India)for the month of January ,India’s finished steel exports were registered at 0.616 MnT in Jan’18 decline significantly by 36% against 0.96 MnT in Dec’17.
Meanwhile,on yearly basis basis nation’s finished steel exports went down significantly by 31% in Jan’18 as compared to Jan’17.
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