Indian HRC Exporters Maintain Offers at USD 400-405/MT

Despite a steep correction in global steel prices, Indian manufacturers have preferred to hold their export prices.

Current offers for 2.5 mm HRC are assessed at USD 400-405/MT, FoB West Coast India.

“Offers from JSW are heard to be in the range of USD 400-405/MT FoB India, although there is hardly any buying interest at these levels. Global buyers are preferring Chinese, Japanese and Korean material, which is much cheaper”, said an exporter based in Mumbai.

High cost of production and better realizations in domestic market have made Indian steelmakers to focus on domestic market.

To increase domestic sales, companies are offering an additional discount of INR 500-700/MT on quantity.

“Steel companies are forced to offer discounts in domestic market in order to offset low export. Recently, steel companies have announced additional discount of INR 500-700/MT for June and discount structure for July will be decided at end of this month. Current prices for 2.5 mm HRC are in the range of INR 33,500-34,000/MT (including Excise) in Mumbai”, said a wholesaler based in Mumbai.

Imported HRC Prices

Source: SteelMint Research