Ex-India hot rolled coil (HRC) have been maintained relatively stable this week, but most buyers across key destinations, including those in Southeast Asia, the Middle East and Europe, are not willing to commit trades, preferring a wait-and-watch policy.
More specifically, this week local sellers have been keeping ex-India HRC prices stable at $540-550/mt FOB, taking their cue from attempts to increase ex-China prices, but buyers have still lacked confidence as regards any imminent uptrend and maintain that negative demand in key markets will prevail in the short and medium terms.
Offers for ex-India HRC in Europe have been reported at $590-600/mt CFR, which translates to around $540-545/mt FOB, down by $5/mt over the past week, though no fresh deals have been reported so far, as European buyers have refrained from purchases due to safeguard quota risks.
Besides, according to sources, some mills have submitted a few offers to the Middle East, but no deals were followed through as deal prices are estimated at $500-510/mt FOB.
“The export market is very difficult to track with any level of certainty. Over the past few days, we hear that prices are improving in China. But the question is whether the trend will persist while the holidays ahead will lead to market closure and offer new headwinds,” an official at an Indian private sector mill told SteelOrbis.
