Major Indian steel manufacturers have increased HRC export offers by $10-15/t at around $475/t for Sep’20 shipments in line with the uptick in global prices. Last week, Indian export offers were around $460-465/t CFR basis.
Reasons behind the increase in export offers are:
- Indian mills have limited export bookings for Aug’20 shipments, as domestic offtake has increased.
- Active buying from China, Vietnam, and other major importing countries have supported HRC prices globally.
- Domestic prices in India have also gained over the past few weeks.
Chinese HRC export offers continue to remain on the higher side- Chinese HRC export offers were around $460/t FoB basis compared with $400/t a month back, according to SteelMint data.
Formosa Ha Tinh- Vietnam’s largest domestic steel mill – has announced a hike of $10/t in its domestic HRC offers for Sep’20 deliveries. Current HRC (SAE 1006, skin pass) was at $465/t CIF basis and non-skin pass offers were at $460/t CIF basis.
Imported HRC offers to Vietnam- Imported HRC prices have further increased by $5-10/t from all major exporting nations which are mentioned below:
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