HRC offers from Korea have registered a fall of USD/10/MT after being constant for two weeks in the month of October.
Current offers for 2.5 mm HRC is being assessed at USD 330/MT, CNF India. The reason being competition from cheaper Chinese products. However, there is no major buying interest at this level owing to sluggish demand in India. 2.5 mm (SS 400) HRC from China is being offered in the range of USD 285-290/MT, CNF India.
Offers for 2.5 mm HRC from Korea is in the range of USD 320-325/MT, from Japan is in the range of USD 315-320/MT, and from Black Sea its between USD 300-305/MT. All prices are on CNF India basis.
Stable price outlook
In order to boost domestic demand, the Chinese government has recently announced cut in lending rates and reserve requirements for banks. Besides, production cut is anticipated by China’s steel mills.
With a push in demand and cut in steel supply, there are hopes that these measures will curb continuous downturn of steel prices in China.
With stability in Chinese steel market, prices in Indian domestic market are also likely to gain cohesion in the coming months.
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