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Indian CRC export prices to EU decline by $5/t w-o-w on bearish global sentiments

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BigMint Bureau

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13 Mar 2024, 18:35 IST

Indian CRC export prices to EU decline by $5/t w-o-w on bearish global sentiments

Indian CRC export offers to Europe (EU) declined by $5/t w-o-w for the week to $770-780/t CFR ($720-735/t FOB east-coast India). Even though market prices have fallen considerably, the buying activity remained sluggish. Many buyers are holding off on restocking their inventories, according to industry sources.

Indian mills are still eyeing $775-785/t CFR EU levels with some deals of about 4,000t CRC to have concluded early in the last week. However, trading houses reported to have receiving lower offers by $5-10 this week, BigMint learnt.

Factors effecting CRC export prices

Slow demand in European domestic market: European steel market is facing downtrend. Buyers are holding off on purchases, expecting prices to fall even further. This wait-and-see attitude has dampened trading activity. Steel producers, however, are maintaining their production levels. Buyers seemed to think prices haven't bottomed out yet, so they are staying on the sidelines, waiting for a better deal.

Decline in global CRC export offers: Chinese CRC export offers fell by $10/t w-o-w to $635/t FOB this week against $645/t FOB previous week, with SHFE (Shanghai Futures Exchange) HRC Futures showing mixed trends.China's (SHFE) HRC futures on 13 March 2024 declined by RMB 46/t ($6/t) against RMB 3,844/t ($534/t) a week ago.