Chinese HRC offer to India

Chinese trader Minlurun Iron and Steel is offering 1,000 mt of 4.5-11.5 mm thick hot rolled coils for export to India at $530/mt CFR on actual weight basis to be paid by letter of credit for early February shipment. SteelOrbis has been informed that exporters and steelmakers in China are currently reluctant to quote HRC for export. Minlurun representatives say that some risks due to long delivery times during the Chinese Lunar New Year and the possibility of a new steel export tax rebate regulation still exist and that therefore exports should be considered carefully. For the time being, the trading companies prefer to sell HRC in the local markets rather than export. The profit margin is high for sales in the domestic market for the moment.