Ex-India hot rolled coil (HRC) prices have held relatively steady over the past week in the global markets, with sellers maintaining optimism amid stronger global trends and increased bidding activity, although confirmed deals remain scarce.
More specifically, ex-India offers have been voiced at around $510-520/mt FOB, the same as last week, for the Middle East, and have settled at $545-550/mt FOB for Europe. According to sources, Indian mills have been offering their materials at $540–550/mt CFR for the Middle East, the same as last week.
In the meantime, offers for ex-India HRC have been voiced at $595-600/mt CFR Europe, up by $5/mt week on week, with a deal for around 10,000 mt reported to have been signed at the end of last week at the abovementioned level in northern Europe. “"Despite the holiday slowdown in Europe, sellers remain upbeat, anticipating a rebound in prices after the holidays,” a market insider told SteelOrbis.
“There is more optimism on the export front. But this largely based on developments in China and is not yet fully translated into more active and better actual trades. Buyers are cautiously making bookings but definitely not at higher prices as put down in official offers; hence, a lot of confidentially clauses in supply contracts,” a source at a private mill told SteelOrbis.
“Some sellers are banking on the fact that higher offers will ultimately translate into deals once business picks up after the holiday season in Europe. So, there is lot of hope but few good deals for exports at the moment,” another source said.
