Indian flat steel export offers have remained stable during the past week, while, barring minor trades with neighboring markets, buyers in most key markets have not responded to offers, traders said on Monday, June 17.
“Buyers in key markets like Southeast Asia have been expecting finished steel prices to soften and hence have not responded to firm offers from Indian exporters,” a Mumbai-based trader said.
“Only commercial exporters were somewhat active in the market during the past week concluding small-volume bookings for shipments to Nepal and Bangladesh, although there have been reports suggesting that some of these contracts were concluded by offering minor discounts,” the trader added.
Ex-India HRC offers
Indian hot rolled coil (HRC) offers have moved sideways during the past week at $530 /mt FOB, according to market sources.
According to the sources, large local steel mills have been absent from the export market and most of the small-volume bookings were accounted for by traders. It is estimated by the market that an aggregate volume of around 6,000 mt were booked by buyers in Nepal and Bangladesh, although the sources said that these contracts were concluded with marginal discounts in the range of $5-10/mt.
Ex-India CRC offers
Indian cold rolled coil (CRC) offers have been maintained at $545/mt FOB, according to market sources. However, no export bookings for significant volumes have been reported by either large steel mills or traders during the past week, the sources added.
Ex-India plate offers
Indian export offer for plates have been kept unchanged during the past week at $575/mt FOB, according to market sources, who added that no significant trades were concluded.