HRC booking from Russia to India

Rolling mills in India have continued to conclude import bookings for re-rolling grade HRC at prices which they consider to be reasonable. Over the past one to two months, most import bookings have been concluded by end-users of HRC and HDG mills. Many market players are wondering how long the trend of purchases by these mills will continue. Lately, Indian mill Uttam has concluded a high quality HRC booking from Russian mill MMK at the level of $390/mt C&F Mumbai for shipment to be made in April. The price level in question has indicated an average decrease of $60-70/mt compared to general market prices one month ago. There are concerns in the local market that prices may decrease further.