Indian hot rolled coil (HRC) import prices have remained largely stable during the past week mainly because of a lack of fresh offers, while sentiments have been dampened by the sustained fall in demand from end-users and worsening logistical issues, SteelOrbis has been informed.
Market sources said that Indian importers and particularly dealers have not been interested in making new bookings in view of the existing high inventory buildup across market participants and the Indian currency showing a strong depreciation trend weakening beyond INR 74 to the US dollar, making imports expensive.
Limited trades were for ex-China HRC and no bookings have been reported for higher quality thinner gauge ex-Japan or ex-S. Korea material, even though the prices of the latter have been maintained at $500-515/mt CFR Mumbai. There have been no buyers for the latter largely because of several western Indian-based re-rolling mills contracted to supply to South Korean automobile manufacturers in India have been cutting capacities for conversion to cold rolled coils (CRC).
Market sources said that an eastern India-based trader concluded a booking for April delivery for ex-China HRC in the range of $490-495/mt CFR Mumbai last week to meet re-export commitments to neighboring countries. Most dealers have been unwilling to make immediate bookings and have preferred to wait.
