After holding HRC export offers from past few weeks, Indian HRC exporters have reduced offers this week.
As per sources a major Indian steel maker has been heard giving offers for HRC export at USD 490/MT, FoB India for Europe which is equivalent to USD 530/MT, CFR Europe. Thus offers have come down by USD 10/MT W-o-W.
However for South East Asian nations, Indian HRC export offers are around USD 475/MT, FoB India which is equivalent to USD 495/MT, CFR South East Asia nations.
Despite reduction in Indian HRC export offers, no deals were heard to be concluded as Chinese HRC export offers remain more lucrative to the South East Asian buyers and buying interest is seen at USD 470-475/MT, CFR Malaysia which is still far from present Indian HRC export offers.
Chinese Export offers rose marginally this week
Chinese HRC export offers are assessed in the range of USD 430/MT, FoB China. Last week the offers were heard in the range of USD 420-425/MT,on FoB basis. Thus offers have increased marginally by USD 5-10/MT W-o-W.
However, market participants mentioned that prices have started to bounce back but only for shorter span of time.Moreover, Vietnam has also stepped back as the exports offers in China started rising. Hence overseas buyers have adopted wait and watch mode in order to attract cheaper alternatives.
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