Essar Steel Opens a New Export Market for Flat Steel; Concludes Deal to South Korea

SteelMint learned from market sources that west India based steel mill - Essar Steel has booked around 20,000 MT of HRC for export to South Korea. The deal has been concluded in range of USD 583-585/MT CFR basis (which would come around USD 561-563/MT FoB) for October-November shipments. As per reports the deal has been concluded with South Korean mill- Dongbu Steel Co.

Dongbu Steel Co., Ltd. is a Korea-based company mainly engaged in the production and sale of sheet materials. Along with subsidiaries, the company operates its business through two segments. The Sheet Material segment is involved in the manufacturing and sale of cold rolled steel sheets, galvanized steel sheets, pre-coated sheets and tin plate steel sheets.

Indian HRC export offers to Vietnam- Indian steel mills are actively exporting HRC to Vietnam and for October shipments.Deals have been concluded in the range of USD 580-585/MT CFR basis. New offers are heard in the range of USD 575-580/MT, CFR.

Indian flat steel exports in Jan-Jul'18- According to data maintained with SteelMint, Indian flat steel exports stood at 3.11 MnT in first seven months of CY18 (Jan-Jul'18).

Out of which Italy remained the major flat steel importer of India and has procured 0.47 MnT in Jan-Jul'18. However other major countries include Nepal at 0.38 MnT,Belgium at 0.34 MnT following UAE at 0.32 MnT and Vietnam at 0.28 MnT in Jan-Jul'18.

Meanwhile India exported 9.41 MnT of flat steel in CY17 and Vietnam stood as the largest flat steel importer with 18% of share (1.64 MnT ) in CY17.