Late this week, ex-India HRC prices in almost all sales destinations have been at higher levels, as suppliers have seen sentiments improve in a number of markets such as Europe, while a less aggressive pricing policy has been observed from the Chinese. Also, the withdrawal of 15 percent export duty on HRC, announced last Friday, has supported sentiments, even though local prices have failed to improve as demand in the local market in India is slow.
The SteelOrbis reference price for ex-India HRC has settled at $535-550/mt FOB, with the midpoint at $542.5/mt FOB, up by $18.5/mt from early this week and up by $10/mt from last week.
Offers from India to Europe have increased to $610-615/mt CFR, which translates to $550/mt FOB minimum. Sentiments in Europe have been somewhat better as local prices seem to have reached the bottom and may improve in the short term, while aggressive ex-Asia offers have also disappeared and now Indian prices even after the increase are at the same level as those from Japan, South Korea and Taiwan.
In Turkey, the latest offers from India have been reported at $585-590/mt CFR, which is around $540-545/mt FOB, while early this week offers at $575/mt CFR were available.
The indicative level for ex-India SAE1006 HRC to Vietnam has been at $560/mt CFR lately, translating to $535-540/mt FOB.