Ex-India HRC prices have remained largely stable over the past week, but trade activity has been muted amid a stalemate between buyers and sellers.
Sources said that, while large local mills have maintained ex-India HRC prices in the range of $480-490/mt FOB in offers submitted in the Middle East, buyers have continued to seek additional discounts. Most offers for ex-India HRC in the UAE have been voiced at $505-510/mt CFR, mainly the same as last week, while buyers’ bids have been reported at $495/mt CFR and lower.
Meanwhile, ex-India offers to Europe have been estimated at $520/mt FOB and above, compared to $500-520/mt FOB last week, which translates to around $570-575/mt CFR southern Europe. Besides, according to sources, ex-India HRC offers have also been reported in the EU at €560/mt DDP, including CBAM costs.
Furthermore, indicative offers for ex-India HRC in Vietnam have been voiced at $495-500/mt CFR, mainly the same as last week, but no fresh deals have been reported so far, even though ex-India prices have been fairly competitive as compared to other suppliers, like those in Indonesia who have been offering their material at $491-497/mt CFR Vietnam, depending on order size.
As a result, the SteelOrbis reference price for ex-India SAE1006 HRC has moved to $480-520/mt FOB, up by $5/mt on the lower end of the range week on week.