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Indian HRC export market reflects mixed outlook amid global uncertainty

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BigMint Bureau

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15 Oct 2024, 19:33 IST

Indian HRC export market reflects mixed outlook amid global uncertainty

Indian hot-rolled coil (HRC) export offers to the Middle East and Europe have shown mixed trends this week. While offers to the Middle East surged by $35/t to $565-575/t CFR UAE, whereas, prices to Europe edged down. Meanwhile, Chinese HRC export offers to the Middle East declined by $15/t to $550-560/t CFR UAE, but offers to Vietnam resumed post-holidays at $560-570/t CFR HCMC.

1. ME imported HRC prices decline w-o-w: Chinese HRC (grades S235 and S275) export offers to the Middle East decreased by $15/t w-o-w to $550-560/t CFR UAE for the week, as compared to $565-575/t CFR UAE a week ago. However, the market sentiments in ME remains sluggish due to ongoing geo-political issues. While, Indian HRC export offers to ME surged by $35/t w-o-w to $565-575/t CFR UAE.

2. Offers to Vietnam resume post holidays: China's HRC (SAE1006) export offers to Vietnam has resumed post holidays. The offers are hovering around $560-570/t CFR HCMC. China's SHFE futures showed mixed trend for the week, SHFE HRC futures decreased by RMB 81/t ($11/t) w-o-w to RMB 3,622/t ($509/t) from RMB 3,703/t ($521/t) a week ago. However, on d-o-d the same remained range-bound.

3. HRC offers to EU remain stable w-o-w: India's HRC export offers to Europe (S275, 3mm) edged down by $5-10/t w-o-w with offers hovering around $590-600/t CFR Antwerp ($540-555/t FOB, east coast India). European domestic hot-rolled coil prices held steady amid buyer resistance to higher offers. Despite rising import prices and increased domestic offers from European mills, demand has remained stagnant.

Outlook

The Indian HRC export market is witnessing a mixed outlook. While there are opportunities in the Middle East and Vietnam, the competitive landscape and geopolitical factors could pose challenges. It is crucial for Indian exporters to carefully assess market conditions, diversify their customer base, and focus on providing high-quality products at competitive prices to maintain their position in the global market.