South Korea based mills have reduced HRC export offers by USD 10-15/MT.
SteelMint learned from market sources that Korean based major steelmaker has reduced their HRC export offers by USD 10-15/MT for July-August shipments.
Indian importer based in Chennai is heard to have book HRC of around 30,000 MT by the end of last week from South Korea for July – August shipments. As per sources the deal price is around USD 650/MT CFR India.
Previously Indian importers have booked HRC from South Korea at USD 660-665/MT CFR basis for June shipments.
Landed cost of HRC from South Korea is around INR 45,900/MT. On the other hand domestic prices of HRC are at INR 45,500-46,000/MT (ex-Mumbai).
Thus landed cost of imports are coming at par with domestic prices which must have resulted to few import bookings.
South Korea account for 46% of share of Indian flat steel imports in Jan-May’18-
As per the data maintained with SteelMint,South Korea was the major flat steel exporter to India.In first five months (Jan-May)’18.South Korea exported 1.10 MnT flat steel to India and accounted for 46% of share out of total imports.
Other major exporters were Japan at 0.40 MnT occupied the share of 17% followed by China at 0.21 MnT at 8.83% of share.
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