The ex-India HRC price range has fallen further with much lower new offers emerging in some markets. Competitive ex-China offers and weak demand in higher-priced markets like Europe and Turkey will keep weighing on HRC export prices from India, sources have told SteelOrbis.
Ex-India HRC prices have come to $800-920/mt FOB with the midpoint at $860/mt FOB, falling by $65/mt on average since last week. The highest end of the range has been lowered by $30/mt and it reflects the level for the European market, which, however, has remained inactive. The lower end of the range, which dropped by $100/mt indicates the newly emerged offers to the Asian market.
In particular, an offer to Vietnam has been heard at $850/mt CFR from one of the Indian mills, which translates to $800-810/mt FOB. Though this is still too high for most of the customers who were looking for prices close to $800/mt CFR, it signals that some Indian mills are willing to push volume overseas.
Also, some offers for ex-India HRC have been reported at close to $900/mt CFR, corresponding to around $840/mt FOB. This is down by at least $50/mt from the previous level. “Offers could be lower if a mill is desperate to sell,” an Indian source said.
A lower offer for Indian material to Turkey at $930/mt CFR versus the previous level of $950/mt CFR has been also heard from the market.
