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India HRC export prices flat this week on slow demand

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BigMint Bureau

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8 Jul 2020, 20:17 IST

India HRC export prices flat this week on slow demand

Export prices of Indian HRC shipped to China and Vietnam were little changed this week amid slow buying in overseas markets.

Steelmint assessed the CFR China and Vietnam prices for India-origin cargoes unchanged from last week at $445/t.

Trading activity revived in the Indian export HRC market this week from last week's tepid levels but few deals were made.

An east India-based mill has concluded a HRC export deal yesterday to China at around $440-445/t CFR for two cargoes of 20,000-30,000t each.

China's HRC export offers up by $10/t
Chinese steel mills increased their export offers by $10/t this week on the back of gains in the domestic market.

Offers this week were at $450-460/t FoB China compared with a $440-450/t FoB basis a week ago.

Domestic China HRC prices also increased by RMB 30-40/t on a d-o-d basis to RMB 3,780-3,790/t (Eastern China) on production restrictions in Tangshan city until 30 September.

Vietnam: Imported HRC offers fell on increased supply
Vietnamese buyers anyway have sufficient stocks and are unwilling to buy at high prices. Offers from Japan and South Korea to Vietnam fell by $15/t on a CFR basis this week as sellers sought to encourage reluctant buyers.

Rainy season has also hampered downstream demand for HRC in Vietnam.

Vietnam buyers expect Indian steel mills to divert cargoes away from China to Vietnam and UAE markets, amid India's ongoing tensions with China.

But recent withdrawal of armed forces by the two countries in some of the border areas that had seen conflict over the past few weeks may ease tensions and stave off punitive trade measures by India and China.

CIS - origin HRC export offers decline w-o-w
HRC offers from CIS edged down this week to $400-415/t FoB Black Sea against $405-415/t in the previous week.

Higher offers leads to low buying of imported HRC in Pakistan
HRC imports remained slow in Pakistan this week with importers expecting prices to fall in mid-July.

Currently, Taiwan is offering HRC at $460-470/t CFR, South Korea is offering at $460/t CFR basis and Japan is offering at $ 445/MT CFR basis for Aug shipments.