Indian export offers for flat steel products have inched up marginally during the past week with commercial traders attempting to keep pace with the hardening of international prices but reports in the market indicate very limited contracts and volumes concluded, traders said on Monday, March 11.
“With large mills almost out of the export market focusing on increasing domestic sales volumes and margins, most of the export activity has been accounted for by commercial traders trying to align offers with firmer international prices,” a Mumbai-based trader said.
“However, export activity has continued to be limited with only volumes transacted for shipment to Vietnam and to neighboring markets reported during the past week,” the trader added.
A section of the market has maintained that the rupee appreciating against the US dollar has also prompted commercial exporters to aggressively push volumes overseas.
Ex- India HRC offers
Ex-India hot rolled coil (HRC) offers have inched up by $5/mt to $545/mt FOB, according to market sources.
The sources said that limited volume contracts for April delivery to Vietnam have been concluded during the past week, with reports in the market indicating an aggregate transaction volume of around 3,000 mt.
A few contracts for shipment to Nepal have been reported by commercial exporters but market sources were unable to confirm the aggregate transaction volume, though saying that the volumes were very limited.
Ex- India CRC offers
Ex-Indian cold rolled coil (CRC) offers edged up by $5/mt week on week to $595/mt FOB, according to market sources.
The sources said that most of the offers submitted to key markets like Indonesia and Vietnam did not find any response with the latter mostly focusing on marginally lower ex-China offers.
Limited volume transactions aggregating in the range of 4,000-5,000 mt have been concluded by commercial exporters for end-March delivery to Nepal and Bangladesh.
Ex- India plate offers
Ex-Indian plates offer are up $5/mt week on week to $615/mt FOB, market sources said.
The sources said that one western India-based steel mill is reported to have successfully concluded a steel export tender for shipment to Vietnam, but confirmation of the volume transacted has not been divulged by the exporter.