Indian flat steel export offers have indicated marginal changes during the past week, with limited trades concluded for shipments to Vietnam and neighboring countries, traders said on Monday, April 1.
“Local commercial exporters have lowered ex-India offers for hot rolled coils (HRC) marginally for shipments to Vietnam and neighboring Bangladesh,” a Mumbai-based trader said.
“I suppose most of these traders were lowering offers despite the local currency trending upwards against the dollar, largely to liquidate inventories at the end of the fiscal year,” the trader added.
Market sources said that other ex-India flat product offers are unchanged and local exporters were not aggressive in pushing volumes overseas as most have exhausted their pre-shipment export credit limits with banks ahead of the end of the current fiscal year.
Ex-India HRC offers
Ex-Indian offers for hot rolled coil (HRC) have decreased marginally by $5/mt week on week to $550/mt FOB, according to market sources.
Market reports suggest that an aggregate volume of 7,000-10,000 mt were contracted for deliveries to Vietnam and Bangladesh during the past week.
Sources said that an additional export contract for an estimated 4,000 mt was concluded for shipment to Nepal but this was reported to be at a discount of an additional $5/mt at a net FOB price of $545/mt FOB.
Ex-India CRC offers
Ex-Indian offers for cold rolled coil (CRC) have remained stable during the past week at $600/mt FOB, according to market sources.
The sources said that there has been very limited trading activity during the past week with just one transaction estimated at around 4,000 mt reported to have been completed for shipment to Bangladesh.
Ex-India plate offers
Ex-India offers for steel plates have declined marginally by $5/mt week on week to $615/mt FOB, according to market sources.
The sources said that one western Indian steel mill has reportedly concluded an export contract estimated at around 4,000 mt for shipment to Malaysia, but no commercial trader has been active because not many market intermediaries were carrying stocks of plates at the end of the fiscal year.