Indian Mills Book HRC Shipments for July at Higher Price Levels

Vietnamese buyers seem to have accepted the hike in imported HRC offers. SteelMint learned from its sources that a major private Indian mill has booked around 25,000-30,000 MT HRC at USD 425-430/MT CFR Vietnam for July shipments.

In addition to it, another private Indian mill was heard to have booked 20,000 MT of HRC at a similar price level recently.

Indian mills increased their offers towards the last weekend by around USD 15-20/MT to USD 425-430/MT CFR basis from previous levels of USD 405-410/MT CFR basis in the previous week. The rise in Indian offers came on the back of increasing Chinese HRC export offers, propelled by improved buying in the domestic market and gains in the futures market.

Meanwhile, active export bookings by Indian mills in the Southeast Asian region in the past few months is also being attributed to the recent price hike.

Current imported HRC offers to Vietnam

-- HRC (SAE 1006, 2mm), China- Benxi Steel is offering at USD 430/MT CFR basis.

-- HRC (SAE 1006, 2mm), Japan- Nippon Steel's offer is at USD 435/MT CFR basis.

-- HRC (SAE 1006, 2mm), South Korea- Hyundai Steel is offering at USD 430/MT CFR basis.

-- HRC (Big coils), Russia- MMK is offered at USD 410/MT CFR basis.