Export prices for Indian HRC have fallen this week by $50/mt to $630-660/mt FOB, from $680-710/mt FOB, as mills have been trying to accelerate sales in the export market since local demand is likely to remain limited in July and local prices are expected to go down further.
This decrease has resulted in deals being signed in some destinations. In particular, up to 60,000 mt of Indian HRC have been traded to Vietnam at $670-680/mt CFR, translating to $640/mt FOB. It seems that this price is among the most competitive in Vietnam at the moment and by the end of the week more Indian mills have started to offer at $670-690/mt CFR. “Indian mills may be interested in sales to Asia [of boron-added HRC] to prevent a build-up of inventories,” a source said.
Offers to the UAE from India have been reported at $710/mt CFR or $650-660/mt FOB, while an even lower level of $680/mt CFR or $630/mt FOB was reported as possible for this market. New deals are awaited, according to sources.
In Turkey, some large Indian producers have been ready to sell at $670-680/mt CFR, without deals being heard though.
Indian mills have also been aggressive in Europe with the latest deals discussed at $750-760/mt CFR, which corresponds to $660/mt FOB mainly.