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India: BigMint's India HRC export offers resume amid absence of Chinese players

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BigMint Bureau

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28 Jan 2025, 19:10 IST

India: BigMint's India HRC export offers resume amid absence of Chinese players

Offers to Middle East rise $5/t w-o-w

Dumping probes slow down EU market

BigMint's India hot-rolled coil (HRC, SAE1006) export index (for the Middle East and Vietnam) resumed after two months amid lack of Chinese offers due to Lunar New Year celebrations. Current prices are at $505/t FOB east coast India. However, European demand remained subdued due to sluggish market sentiments and ongoing anti-dumping investigations, limiting export volumes to smaller quantities.

Market updates

1. HRC offers to ME increases w-o-w: Indian HRC export offers to the Middle East saw a $5/t increase w-o-w, reaching $530/t CFR UAE, up from $520-525/t CFR UAE last week. However, Chinese HRC export offers to the Middle East remained steady w-o-w at $505-515/t CFR UAE, prior to the Lunar New Year holidays which are effective from 28 January-4 February 2025. A significant deal of approximately 5,000-7,000 tonnes (t) was concluded at a similar price range.

2. HRC offers to Europe slow w-o-w: India's HRC export offers to Europe (S275, 3 mm) continue to remain slow due to anti-dumping investigation on Indian-origin HRCs, with last heard offers at around $590-595/t CFR Antwerp ($540-545/t FOB, east coast India). "The EU HRC market remains sluggish with limited activity. Market participants are cautious due to the ongoing anti-dumping investigation," informed an EU-based source.

3. China's offers to Vietnam stable w-o-w: Chinese export offers for HRC (SAE1006) to Vietnam held steady at $480-490/t CFR Ho Chi Minh City before the Tet and Lunar New Year holidays, with market activity muted during the holiday period. Moreover, Chinese HRC futures remained range-bound on w-o-w basis at RMB 3,473/t ($479/t).

Outlook

India's HRC export market is expected to remain stable in the near-term amid slow demand in the Middle East. Meanwhile, market participants in the European Union remained silent due to anti-dumping investigations. Moreover, Chinese participation will not be active due to Lunar New Year holidays.