Indian mills have raised HRC export offers after booking good quantum in this week. Indian HRC export offers moved up by USD 10/MT and assessed at USD 400/MT CFR basis. However, no major deals were reported yet at these levels. Prior to this, the offers were around USD 388-390/MT CFR basis.
Companies have already made significant HRC bookings to the Vietnam and China market for June deliveries and will try to push the prices for July deliveries, SteelMint learned from its reliable sources.
This week SteelMint reported that major Indian steel mills have collectively booked around 2,25,000 MT of HRC (SAE 1006 and SS400) for exports to China and Vietnam at USD 388-390/MT CFR basis for June deliveries.
Also, rebound in Chinese steel futures due to active buying post-Labour day holidays pushed Indian mills to raise HRC offers for July deliveries. Currently, domestic HRC offers in eastern China are at RMB 3,380-3,390/MT (inclusive of VAT), up by RMB 60-90/MT W-o-W.
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