Indian flat rolled market tends to keep firm for some more time

For some time, India has not been active in hot rolled exports, due to the good demand in the local market. Only a very few bookings were concluded this month and the latest export sales concluded back in mid-February were at around $370/mt FOB base for hot rolled coils and at around $390/mt FOB for plates. The situation is a lot more different today in the country. The market is having quite a strong month in terms of hot rolled coils in March. Demand from the domestic market is pretty strong, and level of import offers within the third week of March for hot rolled coils is reported at $480-500/mt CFR price range. Yet, Indian steel consumers are looking into finding offers at a level rather close to $455-470/mt CFR range, as the local hot rolled sales prices are currently at around $475-485/mt as CFR equivalent. Most steel producers are expecting prices to stay firm at least for another month, and they also allow a room for prices to go up by $20-30/mt in April. Situation in terms of quantity allocations and pricing for exports for the month of April will only become clearer once the tight availability in the local market relieves to a certain extent. It is for sure that prices Indian mills will be asking for their April exports will be at least $40-50/mt above the previous levels.