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Indian HRC export prices see mixed trends w-o-w amid global market uncertainties

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BigMint Bureau

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10 Dec 2024, 20:36 IST

Indian HRC export prices see mixed trends w-o-w amid global market uncertainties

Prices for Middle East fall $5/t w-o-w

Offers to Europe remain stable w-o-w

Indian HRC export prices witnessed mixed trends this week. While offers to the Middle East (ME) declined slightly, those to Europe remained stable. In contrast, Chinese hot-rolled coil (HRC) export offers to Vietnam rose w-o-w amid an increase in Shanghai Future Exchange (SHFE) prices. These mixed trends reflected the ongoing volatility in the global market.

1. HRC export offers to ME fall w-o-w: Indian HRC export prices for the Middle East fell by around $5/tonne (t) w-o-w amid recent deals, to $550/t CFR against $555/t CFR last week, sources informed BigMint. Notably, around 11,000 t of HRCs were booked from India at $545-550/t CFR ME for late-December 2024 shipments.

Meanwhile, Chinese HRC export offers to the ME remained range-bound w-o-w at $520-525/t CFR UAE post the National Day holidays. A deal of around 20,000 t was heard concluded at $515-520/t CFR UAE. Indian export offers were approximately $20-25/t higher than Chinese ones.

2. HRC offers to Europe stable w-o-w: India's HRC export offers to Europe (S275, 3 mm) remained stable at $590-595/t CFR Antwerp ($540-545/t FOB, east coast India). However, European buyers were reluctant to buy Indian-origin HRCs due to ongoing anti-dumping investigations and longer lead times. Additionally, domestic HRC market sentiments remained relatively stable due to a lack of restocking activity from buyers.

3. China's offers to Vietnam rise w-o-w: China's HRC (SAE1006) export offers to Vietnam increased by around $5/t w-o-w to $510-515/t CFR Ho Chi Minh City (HCMC) amid an increase in SHFE HRC futures of RMB 34/t w-o-w, to RMB 3,567/t from RMB 3,533/t last week. Moreover, d-o-d, prices increased by RMB 83/t from RMB 3,484/t.

Outlook

The global HRC market is expected to remain volatile in the near term, influenced by various factors. While Indian exporters may face challenges in the European market due to ongoing anti-dumping investigations, the ME market could offer some opportunities. However, overall sentiment is likely to be cautious, with buyers remaining cautious due to concerns about economic uncertainties and potential price fluctuations.