In line with SteelMint’s previous report major Indian steel mills have raised HRC export offers significantly by USD 10-15/MT amid supply crunch which is still prevailing in the domestic market and high global prices.This has resultant to limited allocation of material in exports,pushing prices on higher side.
Currently HRC export offers from India are heard to be in the range of USD 700-705/MT CFR Europe.This will be equivalent to USD 660-665/MT FoB India.
Last offers were heard in the range of USD 650-655/MT on FoB basis. Thus offers have moved up by USD 10-15/MT.
Recently SteelMint heard from market sources that JSW Steel has booked cargo of around USD 15,000-20,000/MT of HRC to be shipped to Malaysia. As per sources the material was booked in the range of USD 660-665/MT FoB India. This will be equivalent to USD 680-685/MT CFR Malaysia.
As per market participants,cargo has been booked by Malaysia based pipe mill. They have been booking material from South Korean steel mills apart from India.
But owing to limited allocations in exports from South Korean mills has resulted in less availability in global market. Also domestic steel prices in South Korea are on higher side which has limited the interest in exports.
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