Imported HRC market in India continues to remain inactive as Korean and Japanese mills are offering negligible volumes at mostly unviable prices.
Korean and Japanese sellers are offering HRC at $475/t CFR India which is not viable as prices are largely in line with domestic prices when anti-dumping duty is added to these cfr values.
The floor price of anti-dumping duty for Korean Hyundai HRC cargoes in India is set at $478/t while for Japanese cargoes the floor is at $489/t.
Domestic HRC price ex-Mumbai was assessed at around INR 36,000/t ($481) this week.
Japanese and Korean suppliers have recently offered smaller 5,000-10,000 t cargoes to established buyers and it is unlikely that these countries would significantly boost tonnages in the near-term.
Meantime, Indian HRC producers have this week offered cargoes higher by $15/t in the export market, as domestic and global prices have increased. Currently, HRC export offers to Vietnam from India were at $480/t on a CFR basis as compared to $460-465/t last week.
Leave a Reply