Indian flat steel export activity has revived during the past week as large domestic steel mills increased their overseas shipping volumes to cope with the deep demand depression in the local market and have also attempted to conclude deals in the European Union (EU) and Asia, SteelOrbis has been informed.
Hot rolled coil (HRC) export offers are in the range of $400-412/mt FOB, down from $412-417/mt FOB one week earlier.
Market sources said that reports available in the market indicate that at least two western India-based domestic steel mills have concluded deals at as low as $405/mt FOB (about $435-440/mt CFR) with buyers in Italy for December delivery, indicating the pessimistic outlook of domestic steel mills, which have lowered long-term delivery offers, while no immediate reversal of the trend is expected.
The sources said that contracts for modest volumes have been reported for late November delivery at $400/mt FOB to Vietnam, while small-volume deals have been concluded by an eastern India-based steel mill for end-November delivery to Malaysia at around $405/mt FOB.
Ex-India cold rolled coil (CRC) offers have dropped during the past week to $470-475/mt FOB, down from $495-498/mt FOB in earlier weeks. Sources said that, barring a small-volume deal concluded at the lower end of the range, no other large domestic steel mill has reported any export trade during the week.