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Indian HRC export offers to ME declines, EU remains cautious

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BigMint Bureau

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21 Jan 2025, 18:51 IST

Indian HRC export offers to ME declines, EU remains cautious

India's offers to ME fall by $10/t w-o-w

Chinese offers to ME rise by $20-25/t w-o-w

Indian HRC export offers showed divergent trends this week. Offers to the Middle East (ME) dropped, while offers to Europe (EU) remained slow due to ongoing anti-dumping investigations and cautious buyer sentiment. In contrast, Chinese HRC export offers to the Middle East rose ahead of the Lunar New Year holidays.

1. India's HRC offers to ME drop w-o-w: Indian HRC export offers to the ME dropped by $10/t w-o-w to $520-525/t CFR UAE, from $530-535/t last week, a deal of around 15,000 tonnes (t) has been heard concluded at similar price levels.

In contrast, Chinese HRC export offers to the Middle East rose by $20-25/t w-o-w to $505-515/t CFR UAE, up from $485-490/t a week ago. This increase is attributed to the upcoming Lunar New Year holidays in China.

2.India's HRC exports to EU remain slow w-o-w: India's HRC exports to Europe remained slow w-o-w. Indian mills are not actively offering for HRC exports to EU and last heard indicative offers were hovering around $590-595/t CFR Antwerp ($540-545/t FOB east coast India) for S275, 3mm material. Moreover, European buyers remain cautious about purchasing Indian-origin HRC due to the ongoing anti-dumping investigation and prolonged lead times. Meanwhile, in the European HRC market, demand remain largely flat.

3. China's offers to Vietnam increase w-o-w: China's export offers for HRC (SAE1006) to Vietnam increased ahead of Tet and Lunar New Year holidays, the prices rise by $5-10/t w-o-w to $480-490/t CFR Ho Chi Minh City from $475-480/t previous week. Moreover, Chinese HRC futures went up by RMB 89/t ($12/t) w-o-w to RMB 3,475/t ($477/t) as compared to RMB 3,386/t ($465/t) last week. While on d-o-d basis the same remained range-bound.

Outlook

The outlook for Indian HRC exports is mixed, with downward pressure on Middle East prices and sluggish European demand. Chinese offers are expected to remain firm ahead of Lunar New Year holidays, supporting global prices amidst volatility.