Indian flat steel export offers largely stable, with limited trades to neighboring countries

Monday, 21 January 2019 17:45:52 (GMT+3)   |   Kolkata
       

Indian flat steel export offers have largely remained unchanged during the past week, except for hot rolled coils (HRC), but only contracts for very limited volumes have been reported to neighboring countries, traders said on Monday, January 21.

“Indian flat steel exports continue to be in doldrums. Large local exporting steel mills are in no mood to get into aggressive prices to push volumes overseas at lower margins even though most are facing rising inventories,” a Mumbai-based trader said.

“Only Indian commercial exporters are active in concluding contracts for deliveries to neighboring countries like Nepal and Bangladesh, and even these are for very small volumes,” the trader added.

Ex-India HRC offers

Indian export offers for hot rolled coil (HRC) have been lowered by $25/mt week on week to $490/mt FOB, but have failed to attract any significant buying interest, with buyers from traditional Indian export destinations like Vietnam and Indonesia receiving offers but not responding, according to market sources.

The sources said that Indian traders were successful in concluding low-volume export contracts to Nepal, but some sources said that these were at a discount of around $10/mt at an effective FOB price of $480/mt.

Market sources said that the total aggregate volume contracted for February delivery to Nepal was estimated at around 3,000-4,000 mt.

Ex-India CRC offers

Indian cold rolled coil (CRC) export offers have remained stable during the past week at $560 /mt FOB, but buyers have showed no response to offers and even demand for discounts to conclude small-volume contracts have been turned down by domestic steel mills.

Ex-India plate offers

Indian plates export offers have remained unchanged during the past week at $570 /mt FOB, but no transactions have been reported by either large steel mills or traders, market sources said.


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