Ex-India hot rolled coil (HRC) prices were largely kept stable by sellers amid mounting optimism over emerging window for increases post holidays in Gulf next month and checks on fall in ex-China price competition.
Sources said that ex-India HRC prices were maintained in range of $580-600/mt FOB with sellers failing to achieve success in pushing tonnages overseas but heard to be readying to attempt increases expecting global stability and resumption of business activity in the Middle East and Europe.
According to sources only occasional deals have been reported this week. In particular, an eastern India based mill reported a trade for 25,000 mt with a Singapore based trading firm for onward sale at around $573/mt FOB, though this information has not been confirmed by the time of publication.
“Several key geographies are showing stability. Local prices are strengthening slowly in Europe and its continuation will lead to acceptance of higher import prices by buyers. It is a difficult call but we are still hopeful that the worst in the short and medium term might be over for exports and a rebound may be coming,” sources in JSW Steel said.
“Of course, larger global uncertainties and supply chain issues will persist. But buyers are returning to complete trades slowly and pace of price fall has been limited in key market. Indian sellers will wait and watch for few more weeks before attempting price increases. Such increases will however be gradual to avoid triggering sharp buyers’ resistance,” the sources said.