Indian HRC export prices have observed a decline of about USD 10-15/MT in recent deals concluded.
A major Indian steelmaker has booked around 40,000 MT of HRC (SAE 1006, re-rolling grade) to China at USD 410-411/MT CFR basis. In another deal reported recently, 20,000 MT Indian HRC has been booked for export to Vietnam at USD 418-420/MT CFR basis for July shipments, SteelMint learned from industry participants.
Prior to this, last week another major steelmaker booked around 50,000 MT HRC to China at around USD 420-425/MT CFR basis for June end early July shipments. Thus the nation’s HRC export offer moved down sharply due to low buying interest at high offers and decline in domestic prices.
Also, today, the Chinese domestic HRC prices have come down by RMB 20/MT to RMB 3540-3550/MT (Eastern China) as against the last week’s close of RMB 3,560-3,570/MT (Eastern China).
Other major deals reported at the beginning of the week at increased offers
* At the beginning of the week Indian steel mills based in eastern region booked around 50,000 MT of HRC to Vietnam at USD 430-435/MT CFR basis.
* The govt. owned steel manufacturer booked around 2-3 rakes of HRC for exports to Nepal at USD 415/MT (ex-plant) which translates to USD 430-435/MT CFR Raxual border, for end July shipments.
Current imported HRC offers to Vietnam-
* China- Benxi Steel is offering at USD 440/MT CFR basis. Previous week offer- USD 430/MT CFR basis.
* Japan- Nippon Steel’s offer is at USD 435-440/MT CFR basis
* South Korea- Hyundai Steel is offering USD 435/MT CFR basis. Previous week offer- USD 430/MT CFR basis.
* Domestic steel producer Formosa Ha Tinh (FHS), is offering HRC (skin pass, SAE 1006) at USD 440/MT CIF basis, and non-skin pass at USD 435/MT CIF basis.
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