Ex-India hot rolled coil (HRC) prices have been shown a slight downward bias following continuous pressure from rare buyers. As a result, several discounted sales have been reported for ex-India HRC in the Middle East, while other customers have kept showing minimal interest in new purchases.
Sources said that ex-India HRC prices have moved to $500-535/mt FOB for mainly February-March shipment, down by $5/mt week on week. At the same time, while European customers have already left the market for the winter holidays, this week some positive sentiment has emerged linked to fresh bookings concluded in the Middle East.
More specifically, according to sources, following a deal for 25,000 mt of HRC signed at $540/mt CFR UAE last week (or around $510/mt FOB), another trade for 12,000 mt has been reported by an eastern India-based mill for delivery to Bahrain at $535/mt CFR, also net of discount, and corresponds to around $505-510/mt FOB.
“Clearly, most global markets are still cautious of what is ahead, given uncertainties of trends in China and the flow of import material in India,” an official at a private mill told SteelOrbis, adding, “Overall, the market can be expected to enter a quiet phase this week onwards owing to the holidays,” he added.
