Ex-India cold rolled coil (CRC) and hot dip galvanized (HDG) prices have continued to decrease this week given the pressure from lower bids coupled with slow trading globally. At the same time, ex-India HDG prices have been dropped by only a few mills but this had no significant impact on silent trade conditions and was successful only in the case of some stray deals for very low volumes.
More specifically, ex-India CRC prices have dropped by $20-30/mt over the past week, falling to $715-725/mt FOB in the latest offers to Europe. In particular, offers for ex-India HRC have been voiced at around $765-775/mt CFR southern Europe, down by $20-30/mt from the deal price last week.
Meanwhile, ex-India HDG prices have continued to go down sharply this week. According to sources, only two integrated mills were heard to have cut HDG prices to $790-850/mt FOB, down by $50-60/mt from last week, and only low-volume deals were seen at the lower end of the range.
The sources said that an eastern India-based mill reported a trade for 5,000 mt for Singapore delivery and onward sale at $794/mt FOB. Besides, another mill was heard to have been in talks with buyers in the Middle East for a tonnage estimated at 8,000 mt with negotiations at around $790/mt FOB, but no detail or confirmation of a deal was available from either the seller or market participants.
At the same time, offers for ex-India HDG in Europe have been heard at around $880-885/mt CFR for July shipment, which translates to around $830-835/mt FOB, though, according to sources, buyers expect to see around $845/mt CFR in new deals.
