Indian flat steel export offers have increased across the board during the past week but no significant contracts have been reported in the market, with most buyers resisting the increase in offers and not responding, traders said on Monday, February 4.
“The export market has almost been at a standstill during the past week. Even buyers from neighboring countries, active until last month, were reported not to be responding to offers submitted by local commercial exporters,” a Mumbai-based trader said.
“Buyers’ resistance to the increase in offers is natural considering the overall weakness in the global flat steel market. Large Indian exporting steel mills possibly reckoned that higher flat steel export offers will be absorbed by the market considering the lack of activity in ex-China shipments owing to the holiday in China, but such expectations have definitely been belied as indicated by the lack of any buying activity during the past week,” he added.
Ex-India hot rolled coil (HRC) offers have increased by $5/mt week on week to $495/mt FOB, according to market sources.
The sources said that only one small-volume export contract of an estimated volume of 1,000 mt has been concluded during the past week, while most buyers in neighboring countries have not been responding to offers, anticipating a downtrend in offer levels before long.
Ex-India CRC offers
According to market sources, cold rolled coil (CRC) export offers have increased by $20/mt to $540/mt FOB, but no contract for significant volumes has been concluded in the market by either local steel mills or traders during the past week.
Ex-India plate offers
Ex-Indian plates export offers have been hiked by $40/mt to $590/mt FOB according to market sources who also said that no reports of any transaction have been heard in the market during the past week.