Indian import offers for ex-China flat steel products have largely remained stable during the past week, but no significant transactions have been reported during the past week, traders said on Wednesday, May 22.
According to market sources, most commercial importers have preferred to postpone any fresh bookings in view of the steady weakening of Chinese flat steel prices and expect that this will be reflected in offers to India over the next few weeks.
A minor volume of ex-Japan CRC bookings has been reported in the market by a few northern India-based end-users, the sources added.
“Most buyers feel that maintaining offers unchanged is not warranted at a time when Chinese prices are softening. A section of the local market feels that US-China trade frictions could lead to a lot of surplus flat product availability, putting pressures on offers and buyers in India are willing to wait as there is no pressure to restocking imported materials,” a Mumbai--based trader said.
Ex-China HRC offers
Ex-China hot rolled coil offers have remained unchanged during the past week at $560/mt CFR Mumbai, according to market sources.
The sources said that not significant transaction volumes have been reported by either commercial traders or large domestic mills.
Ex-China CRC offers
Ex-China cold rolled coil (CRC) offers have been lowered by $10/mt week on week to $560/mt CFR Mumbai, according to market sources.
The sources said that no significant transaction volumes have been reported in the market during the past week.
However, the sources added that small volumes amounting to around 4,000 mt of ex-Japan CRC have been contracted by end-users at a premium over ex-China material, but the size of the premium was not disclosed by the importers.
Ex-China plate offers
Ex-China plate offers have remained stable during the past week at $600/mt CFR Mumbai, according to market sources, who added that no transactions have been reported in the market