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Indian HRC export prices drop w-o-w tracking recent deal

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BigMint Bureau

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17 Dec 2024, 19:10 IST

Indian HRC export prices drop w-o-w tracking recent deal

Indian HRC export offers to the Middle East (ME) dropped by $5-10/tonne (t) w-o-w to $540/t CFR UAE following a recent deal of 25,000 tonnes (t) for January 2025 shipment. Offers to the Europe Union (EU) remained subdued: "With the holiday season approaching, activity in the EU market has slowed down," a source informed BigMint. Meanwhile, competitive offers from China and Japan continue to pose a challenge for Indian exporters.

1. HRC export offers to ME fall w-o-w: Indian HRC export prices for the Middle East fell by around $5-10/t w-o-w amid recent deals, to $540-545/t CFR against $545-550/t CFR last week, sources informed BigMint. Notably, around 25,000 t of HRCs were booked from India at $540/t CFR ME for January 2025 shipments.

Meanwhile, Chinese HRC export offers to the ME remained largely stable w-o-w to $520-525/t CFR UAE. While, offers from Japan are hovering around $522/t CFR ME amid recent deal of 35,000 tonnes of HRCs for Jan'25 shipment.

2. HRC offers to Europe stable w-o-w: India's HRC export offers to Europe held steady at $590-595/t CFR Antwerp ($540-545/t FOB, east coast India) for S275, 3 mm material. However, European buyers remain cautious about purchasing Indian-origin HRC due to the ongoing anti-dumping investigation and prolonged lead times. Meanwhile, the European HRC market remains stable, with a slight increase in trading activity ahead of winter holidays, but demand remained largely flat.

3. China's offers to Vietnam remain range-bound w-o-w: China's HRC (SAE1006) export offers to Vietnam remained range-bound w-o-w to $510-515/t CFR Ho Chi Minh City (HCMC) amid volatile Shanghai Futures Exchange (SHFE) HRC futures. Moreover, market participants are in a wait and watch mode due to the anti-dumping investigations going on.

Outlook

The Indian HRC export market is expected to remain subdued in the near term. While offers to the Middle East have declined slightly, competition from China and Japan continues to be a challenge. The European market is also facing headwinds due to slow demand ahead of holidays and ongoing trade restrictions.