While ex-China flat steel offers to Indian have softened during the past week, there have been no significant deals concluded by Indian buyers, traders said on Wednesday, May 14.
“The strong interest in imports seen earlier in the week has started to wane as both traders and end-users are becoming cautious about building up inventories in view of the slowdown in industrial growth. Appetite for imported material seems to have been satiated for now in the absence of any demand uptick for end-products,” a Mumbai-based trader said.
“Only marginal trades for modest volumes by a few traders for re-export purposes have been reported in the market during the past week,” the trader added.
A section of the market, however, has maintained that Indian importers have also possibly been waiting for ex-China offers to soften further in reaction to the increase in US-China trade tensions and buyers have been postponing fresh bookings for now.
Ex-China HRC offers to India
Ex-China hot rolled coil (HRC) prices have decreased by $10/mt week on week to $560/mt CFR Mumbai, according to market sources.
The sources said that only a few western India-based traders reported concluding transactions for modest aggregate volumes in the range of 4,000-5,000 mt and this was possibly to meet re-export commitments to neighboring countries.
Ex-China CRC offers to India
Ex-China cold rolled coil (CRC) prices have declined by $10/mt week on week to $570/mt CFR Mumbai, according to market sources.
The sources said that no significant volumes have been reported by either traders or end-users.
Ex-China plate offers to India
Ex-China plate offers are down $10/mt week on week to $600/mt CFR Mumbai, according to market sources.
The sources said that only one trader acting on behalf of a southern India-based manufacturer concluded a single trade, but details of the volume were not available in the market.