Indian flat steel export offers have been increased across the board during the past week but commercial exporters and local steel mills have still been able to improve shipment volumes to key markets like Vietnam and Indonesia and to neighboring markets like Nepal, traders said on Monday, February 18.
“The fact that the increase in offers has been absorbed by buyers who concluded contracts for higher volumes indicated an uptick in demand across key overseas markets,” a Mumbai-based trader said.
“The fact that business activity has also increased from Chinese market participants, and,with ex-China flat product export offers also trending higher, has enabled both Indian commercial exporters and steel mills to successfully push volumes overseas,’ the trader added.
Ex-India HRC offers
Market sources said that ex-India hot rolled coil offers have increased by $15/mt to $530/mt FOB India. The sources said that Vietnam-based buyers have been active in concluding contracts with Indian steel mills, with the market estimating an aggregating volume in the range of 5,000-6,000 mt to have been concluded during the past week.
Buyers in Nepal are also seen to have been absorbing higher offers, with Indian commercial exporters successful in increasing the total number of contracts concluded during the week, with the market estimating the aggregate transacted tonnage at around 4,000 mt.
Ex-India CRC offers
Ex-Indian cold roll coil (CRC) offers have been increased by $15/mt week on week to $555/mt FOB, according to market sources.
The sources said that most of the transactions during the week have been concluded by local steel mills for deliveries to Indonesia and Vietnam, while Indian commercial exporters have been absent from this product segment. The market estimated that Indian steel mills have been able to transact a total of about 5,000 mt for March deliveries to these two key markets.
Ex-India plate offers
Ex-India steel plate export prices have been hiked by $10/mt week on week to $600/mt, but no significant transactions have been reported in the market by either local steel mills or commercial exporters, sources said.