Ex-India hot rolled coil (HRC) prices have remained unchanged but are considered ‘notional’ as no large mill is heard to have submitted offers during the past week amid reports that the European Commission has initiated antidumping (AD) investigations into imports of HRC from several countries including India. Besides, tough competition with cheaper Chinese HRC has been affecting Indian suppliers in other trade destinations, such as the Middle East.
Sources said that, while indicative ex-India HRC prices from traders are unchanged at $560-590/mt FOB, depending on the destination, no offers have been reported from any of the large mills as the latter had almost completely vacated the export markets in the face of competition and the risks of facing trade restrictions in Europe.
They said that buyers in Europe have also been absent due to the summer break, while Middle Eastern buyers have been preferring alternative cheaper options particularly ex-China material, which has been offered at as low as $520/mt CFR UAE.
“Most Indian producers are carrying unsold volumes from export allocations for the April-June quarter, which are being liquidated at discounts in the local market,” an official at a private mill told SteelOrbis.
“Reduced ex-China HRC prices are impacting all key markets across the globe. Local sales in India at a lower price point is the only available option,” he added.
