Prices for Indian HRC in the global market have been corrected down even more by the end of this week, with the latest declines seen in deals to Vietnam, and further decreases expected, SteelOrbis has learned on June 17.
The ex-India SAE1006 HRC reference price has been lowered by SteelOrbis to $695-730/mt FOB, down by $15-20/mt from $710-750/mt FOB reported early this week and $30-50/mt below last week’s levels.
A deal for 30,000 mt of ex-India boron-added SAE1006 HRC was signed in Vietnam at $738/mt CFR, corresponding to about $708/mt FOB, while the previous sale was at around $750/mt CFR, as reported earlier this week. But some market sources said that the deal was an old one and, taking into account that the market has weakened further since then, $695-700/mt FOB has been assessed as tradable for now and bids from buyers are expected to come at $690/mt FOB. Since alloy HRC from India is excluded from the 15 percent export tax, Indian mills may consider lower prices, otherwise they will not be able to be present in the market.
The higher end of the range ($730/mt FOB) corresponds to the price level for the Gulf market, though no new deals have been reported so far.
