Prices for Indian hot rolled coil (HRC) have stayed among the most competitive in the international market over the week ended on September 9 as suppliers provided another $5-10/mt discounts to conclude deals and it is unlikely that Indian suppliers will become less active in the export market till the end of September - early October, sourced told SteelOrbis.
Deals for Indian HRC have been concluded at the range of $435-440/mt FOB, $5-10/mt below transactions a weak earlier. Offers have been heard at $435-450/mt FOB.
A few deals for Indian-origin HRC have been heard in Vietnam at $455-457/mt CFR, which corresponds to $435-437/mt FOB. Customers have failed to get lower prices from other destinations, China in particular, so decided to focus on purchases from India.
Offers for Indian HRC to Europe have slipped to $465-475/mt CFR ($435-440/mt FOB) with a deal has been done close to the lower end of the range, SteelOrbis was informed. Customers in Turkey have reported that they have received offers from Tata Steel India and some other mills at $460-465/mt CFR ($435-440/mt FOB) and this price is still available today, September 9.
Weak domestic demand has exert pressure on the mills’ export policy and since there have been no production cuts at major plants like JSW Steel and Tata Steel yet the current market situation will remain until the end of September, most market sources believe. Some demand recovery in India has been expected in October, but taking into account current market sentiments it can be postponed.
