While ex-India hot dip galvanized (HDG) coil prices have remained stable amid a slight revival in trading activity for small tonnages, export offers for CRC have declined further this week as Indian sellers continue to attract buyers.
More specifically, sources said that ex-India HDG (Z120) prices have been kept unchanged at $720-730/mt FOB, with some buying interest emerging from the Middle East, but a section of trade circles maintain that the small-volume deals were mostly at the lower end of the range or even with additional discounts.
The sources said that a western India-based exclusive flat steel producing mill concluded a deal for 2,000 mt at $720/mt FOB for delivery to the UAE, but the final invoice price was lower net of the discount which was not disclosed by the seller. Similarly, an eastern India-based integrated mill has reported a trade for 5,000 mt for delivery to Bahrain at an official offer of $720-730/mt FOB but with an additional discount.
In the meantime, offers for ex-India CRC have been estimated at around $635-640-mt FOB, down by $5/mt week on week. Offers from Indian suppliers in Europe have been voiced at $680-685/mt CFR, against $690/mt CFR last week, though, according to sources, despite the additional discount, interest in Indian CRC has remined minimal in the EU due to slow local demand and safeguard duties.
“The mood among HDG buyers is slightly better as they are showing interest in committing deals, particularly in the Gulf region,” an official at a private mill told SteelOrbis.
