India’s CRC Export Offers Rise amid Bullish Sentiments

After India’s HRC export offers surge, CRC export prices have followed suit. Indian exporters have increased their CRC offers by USD 25-30/MT. Current offers for CRC are being heard at USD 465-480/MT, FoB India. Whereas country’s last offers were in the range of USD 425-430/MT, FoB basis.

Indian manufacturers have become quite active in export market post increase in global flat products prices. With good realizations in export sales coupled with sluggish domestic demand, Indian steel biggies have shifted their focus on export market.

India’s CRC export have registered an increase from 0.02 MnT in Jul’16 to 0.08 MnT in Aug’16. Whereas if Y-o-Y comparison is done, the same has fallen by 20% against Aug’15.

In first eight months of 2016 from Jan to Aug, India’s CRC exports stand at 1.94 MnT against 2.29 MnT in corresponding period of previous year.

This week China’s CRC export offers have also registered an increase of USD 15/MT. Current offers are heard at USD 445-450/MT, FoB China basis. Although no major buying is happening at current rates, Chinese mills are reluctant to lower down their offers.

While Chinese and Indian exporters are increasing their export prices, CRC offers from CIS countries and Japan/Korea are still on the lower side. CIS-origin CRC are heard at USD 410/MT, FoB Black Sea and offers from Japan/Korea are also in the same range of USD 410-415/MT, FoB basis.

CRC Export Prices as on 6 Aug’16