Indian flat steel export offers remain stable

Monday, 15 July 2019 10:14:48 (GMT+3)   |   Kolkata

Indian flat steel export offers have remained stable during the past week but buyers in key market largely kept away from concluding any significant volume contracts and local merchant traders were confined to small volume deals to neighboring markets, traders said on Monday, July 15.

“Most buyers in Southeast Asian markets have not responded to offers because they prefer prices to fall before concluding contracts,” a Mumbai-based trader said.

“At the same time, local merchant exporters are unable to adjust their offers significantly to push volumes overseas in view of the steady appreciation of the rupee against the dollar which has impacted their export realizations in rupee terms,” the trader added.

Ex-India HRC offers

Indian hot rolled coil (HRC) export offers have moved sideways during the past week at $505/mt FOB, according to market sources.

The sources said that large steel mills have attempted to push volumes to overseas to cope with sluggish local demand and rising inventories but such attempts have failed to succeed as buyers were seeking discounts on offers.

Local merchant traders were able to conclude small volume trades aggregating to around 4,000-5,000 mt for deliveries to Bangladesh and Nepal, the sources said.

Ex-India CRC offers

Indian cold rolled coil (CRC) export offers have remained unchanged over the past week at $540/mt FOB, according to market sources.

However the sources said that no significant trades have been reported in the market by either large local steel mills or merchant exporters.

Ex-India plate offers

Indian export offers for plates have remained stable week on week at $565/mt FOB, according to market sources who said that no significant volume transactions have been made during the past week.

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