SteelOrbis has learned that Ukraine origin ready stock HRC is being offered to the Indian market by a trader at the price level of $500/mt CFR Mumbai for prompt shipment, while Indian production HDG is being offered in the local Indian market at $900/mt ex-warehouse.
The Indian flats market has been affected by the global lack of confidence, just like the other markets across the world. Instability in the financial markets has affected long-term payment offers (and even export offers) in this market in a negative way. Market players have maintaining a wait-and-see policy and have been awaiting the bottom point with impatience.
HDG price levels have declined in this market compared to last week. 0.50-1 mm 120 gr/m² zin coated material is currently at the abovementioned price level, which indicates an average drop of $50-70/mt compared to last week. India is an exporter of HDG; however, the tightening in the export markets has been putting pressure on the local Indian price levels. In addition, the depreciation of the Indian rupee against the US dollar and euro has been pushing the local prices down.
The abovementioned market situation has also been placing pressure on import prices to come down to more competitive levels. Thus, the offers from Ukraine have declined by $150/mt in just a single week.