India: CRC export offers to Europe edge up w-o-w after recent deal

Indian CRC export offers to Europe rose by $10-15/t w-o-w to $660-665/t FOB east coast, India ($705-710/t CFR Antwerp) compared to $645-655/t FOB a week ago. A deal of around 3,000-4,000 tonnes (t) was heard concluded at these price levels for late November-early December 2024 shipment.

Chinese CRC export offers remained stable for the week at $565/t FOB.

Chinese hot rolled coil (HRC) offers on the Shanghai Futures Exchange (SHFE) increased by RMB 100/t ($14/t) w-o-w to RMB 3,590/t ($504/t) against RMB 3,490/t ($490/t) last week. D-o-d, prices remained largely stable.

European HRC prices held steady this week as sluggish end-user demand obstructed any upward price movement. Meanwhile, the European Commission has initiated a registration process for HRC imports from Egypt, India, Japan, and Vietnam. This move could enable the retroactive imposition of anti-dumping duties on imports from these countries under specific legal circumstances.

Indian CRC export volumes for September 2024 stood at 95,758 t representing a sharp rise of 53,969 t against 41,789 t in August 2024.

Outlook

Indian CRC exports to Europe are likely to remain strong due to factors such as competitive pricing, robust demand, and a favourable exchange rate. However, this will depend on global economic conditions, geopolitical factors, and any potential trade restriction imposed by the EU.