It is reported that current offers for hot rolled coil shipments to India are at a level of $610-640/mt CFR. However, it has been learned that Indian buyers are adopting a waiting strategy, relying on the possibility that prices will decline further. The buyers expect that prices will decline to a range of $590-595/mt CFR; however, it is unlikely that this much of a drop will be seen. Furthermore, the appreciation of the Indian Rupee against the US Dollar supports the buyers in terms of imports.
As a result of the hot rolled coil purchases by Indian buyers from Russian mill MMK, a decline has been observed in the orders given for the hot rolled coils of certain Indian producers. Therefore, it is predicted that in order for the Indian mills to collect orders from local buyers, they will have to lower their prices by approximately $20-25/mt.
On the other hand, it is said in the market that galvanized iron is under great pressure both in the local Indian market and in the international market. In this context, galvanized iron producers are also directing their focus towards more favorable prices for hot rolled coil supplies.