With ex-China flat steel offers remaining unchanged during the past week, Indian import activity remained negligible with most commercial importers preferring to defer contracts, traders said on Wednesday.
“The uptick in import contracts seen in the previous week has not been sustained and this is an indication of the overall slowdown in appetite among end-users and of the high stocks held by both domestic producers and market intermediaries,” a Mumbai-based trader said.
“Also with the end of the fiscal year nearing, most commercial trading firms prefer to conserve cash and avoid working capital borrowings and hence they are reluctant to make fresh import bookings, especially with offers remaining stable during the past week,” the trader added.
Ex-China HRC offers to India
Ex-China hot rolled coil offers have remained unchanged at $515/mt CFR Mumbai, according to market sources.
The market sources said that only a marginal volume estimated at around 2,000 mt on aggregate was contracted for early February delivery by a few commercial traders, while most large local steel mills carrying large inventories of local material have been absent from the market for the past few weeks.
Ex-China CRC offers to India
Ex-China cold rolled coil (CRC) offers have been maintained at $545/mt CFR Mumbai, according to market sources, who added that no significant transactions by either commercial traders or Indian steel mills have been reported in the market during the past week.
Ex-China plate offers to India
Ex-China plate offers have been maintained during the past week at $590/mt CFR Mumbai a amid complete lack of market activity, according to market sources.