Indian mills seek to push up HRC export offers

SteelOrbis has learned from market sources that Indian flat steel producers' hot rolled coil (HRC) export offers are currently standing at $670-700/mt FOB, depending on the producer. It is also heard that Indian producers have concluded some HRC transactions to Spain and Belgium, though in small volumes. In the meantime, the appreciation of the rupee against the US dollar is posing difficulties for producers' export pricing.
 
On the other hand, it is reported that Indian producers' HRC offers to the Middle East have risen as compared to last month. Although Indian mills are now looking for opportunities in the UAE with their HRC offers at $700/mt FOB, Middle Eastern buyers are currently cautious towards these offers, given that they recently received offers at the same price level but on CFR basis. It has also been learned that Indian producers have started to conclude bookings for 1.2 mm HRC to the Saudi Arabian market. Last month, a transaction was concluded at $760/mt CFR Dammam.
 
In addition, Indian producers' cold rolled coil (CRC) export offers are standing at $785/mt CFR, for March rolling.