- Offers to Middle East stable w-o-w
- AD investigations slow down offers to EU
BigMint’s India hot-rolled coil (HRC, SAE1006) export index (for the Middle East and Vietnam) remained stable w-o-w supported by a recent export deal from India to the Middle East (ME). Current prices are at $505/t FOB east coast India. However, European demand continues to remain subdued due to sluggish market sentiments and ongoing anti-dumping investigations.
Market updates
1. HRC offers to ME remain stable w-o-w: Indian HRC export offers to the Middle East remained unchanged for the week at $530/t CFR UAE in a recent deal. A deal of around 5,000-6,000 tonnes (t) was heard concluded at similar price levels. Moreover, Japanese HRC offers were at $510/t CFR UAE, with a 24,000 t deal reportedly being concluded at a similar price level. Chinese participants, however, have been inactive due to the Lunar New Year holidays.
3. Festive holidays weigh on China’s offers to Vietnam: China’s HRC export offers to Vietnam remained quiet amid the Lunar New Year holidays in China and the Tet festival in Vietnam. The last reported HRC (SAE1006) offers were $480-490/t CFR Ho Chi Minh City.
3. HRC offers to Europe slow down w-o-w: India’s HRC export offers to Europe (S275, 3 mm) continue to remain slow due to anti-dumping investigation on Indian-origin HRCs, with last heard offers at around $590-595/t CFR Antwerp ($540-545/t FOB, east coast India). In addition, the European HRC market remained stable, supported by seasonal restocking, limited import interest, and ongoing safeguard measures.
Outlook
Indian steel exports are expected to remain stable in the short term, driven by the steady Middle East market, but may face challenges in Europe due to anti-dumping investigations. Furthermore, with Chinese steel producers returning from their Lunar New Year holidays after 4 February, increased competition may emerge, potentially impacting Indian steel exports.
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