A number of Indian mills have decided to cut prices to European customers by the end of the week, trying to accelerate sales, which have been very slow recently.
The SteelOrbis reference price for ex-India SAE1006 2 mm HRC has been adjusted down by $20/mt on the upper end to $670-720/mt FOB, with $695/mt FOB as the midpoint, which is down by $20/mt on average over the past week. “Mills were holding offers at $800-810/mt CFR in Europe, but no deals. So, now a few of them decided to cut offers. We are still not ready for this,” one of the Indian producers said.
There has been information about one deal for 30,000 mt of ex-India SAE1006 HRC to Europe at $760/mt CFR, which translates to around $700-710/mt FOB. Also, one major mill has been heard offering at $770-780/mt CFR, down by at least $20-30/mt from the previous level.
