Ex-India hot rolled coil (HRC) prices have largely been kept stable by mills and, even though a number of offers were submitted in markets like Asia and the Middle East, no deals could be confirmed amid rising bearish sentiments in most destinations, SteelOrbis has learned from trade and industry circles.
Ex-India tradable prices for boron-added SAE1006 have remained at $560-580/mt FOB, but no trades were reported during the past week.
Some Indian mills have submitted offers at $620-630/mt CFR Vietnam and $630-640/mt CFR UAE, but no deals were heard in the market, with bids received from Vietnam at levels of $580-590/mt CFR, making deals unworkable.
One mill from India was offering at $610/mt CFR to Turkey which is equivalent to $570/mt FOB, also with no deals done.
In Europe, the most competitive offer from India was at €680/mt CFR.
“Mills are submitting offers just as pro forma. It is necessary to maintain market presence even if no deals are working out. Mills are totally focused on catering to domestic demand and securing better realizations,” an official at a private mill said.
“The global market is extremely fragmented both in terms of price and trading volumes. Buyers in Europe are just not responding to offers. In Asian regions, Indian offers are being met with far lower bids and sellers are under no compulsion to push sales overseas,” he said.
