Indian flats export offers stable, import demand still poor amid weaker rupee

Flat steel import demand in India has weakened as the rupee has lost weight against the US dollar, since domestic producers' offers are more attractive compared to import offers when import duty and VAT are included.
 
Chinese hot rolled coil (HRC) offers to India are standing at $660/mt CFR, while Russian HRC offers to the country are at similar levels. In the meantime, Iranian HRC offers to India are standing at $650/mt CFR. Against these offers, the already low demand is mostly directed towards domestic product purchases due to the more advantageous prices involved.
 
On the other hand, foreign demand for Indian flat steel coming from Indian mills' major export markets is currently weak, while Indian flat steel export offers are following a sideways trend. Accordingly, Indian export offers for HRC are at $670-680/mt FOB, while cold rolled coil (CRC) export offers are at $785/mt FOB and offers for 100 gr/m² zinc coated hot dip galvanized (HDG) coils of 0.6 mm thickness are standing at $840-860/mt FOB.