India has resumed imports of HRC from Russia after a prolonged pause, with significant volumes being transacted. Offers from a leading Russian steel producer are priced below those from China, marking a notable shift in India's HRC import dynamics.
Specifically, around 40,000 mt of ex-Russia HRC from a supplier with BIS certification were sold to India at $470-475/mt CFR levels at the end of last week. Besides, according to sources, another deal of ex-Russia HRC was signed at an even lower level of around $460/mt CFR, though this information has not been confirmed by the time of publication.
Meanwhile, according to sources, the latest deal prices for ex-China HRC were reported at $480-485/mt CFR, with a few lots reported to have been signed at this level last week.
As for local prices, this week, HRC trade prices have lost INR 500/mt ($6/mt) to INR 52,500/mt ($614/mt) ex-Mumbai and are also down INR 500/mt ($6/mt) to INR 53,500/mt ($626/mt) ex-Chennai in the south. Besides, some market insiders have reported even lower prices available in the market at around INR 51,500/mt ($602/mt).
“Weak demand and the upcoming monsoon season are weighing on Indian HRC prices, which are already under pressure. Besides, the arrival of cheaper imports is likely to accelerate the downward trend in the short term," a market insider told SteelOrbis.