HRC offered to India of Chinese origin increased by $5-10 per tonne on announcement by Chinese government stimulus measures such as spending on infrastructure.
Current offers are in the range of $530-540/ton CFR Mumbai for commercial grade HR coil.Though Indian buyers are hesitant to make any purchases, as new standard norms by Indian government (BIS to be implemented on 12th Sep) will cost extra to import as it will need extra inspection.
The market participants say it is unusual for offers to change so quickly “It only confirms the belief that the ever-falling offers for HRC in the market were caused by traders going short in anticipation of a further fall.”
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