Indian HRC Export Prices to Vietnam Inch Up in Recent Deals

SteelMint recently learned from industry participants that major Indian steel mills have increased HRC export offers for Vietnam in recent deals concluded by USD 7-10/MT for July-Aug shipments.

As per information received, major Indian steel mill based at eastern part of India booked around 10,000 MT of HRC with Vietnam at USD 515/MT CFR basis for July-Aug shipments.

Also another major steel mill based in western part of India booked around 30,000 MT of HRC with Vietnam at around USD 520/MT CFR basis for July-Aug shipments.

Prior this, last week SteelMint reported that major Indian steel mills have collectively booked around 80,000 MT of HRC with Vietnam at around USD 508-510/MT CFR Vietnam for August shipments.

Thus Indian steel mills have turned to exports as domestic sales fall back amid sluggish buying and weakening steel prices in domestic market.

Meanwhile importers based in Vietnam are preferring Indian origin HRC over Chinese origin HRC amid competitive offers. Since Chinese steel mills have raised HRC export offers further and are offering HRC at USD 515-520/MT FoB basis widening upward compared to offers at USD 505-510/MT FoB basis in previous week.

Indian HRC/plate exports in Jan-Apr'19- As per data maintained with SteelMint, Indian HRC/plate exports to Vietnam shoot up and stood at 0.54 MnT in Jan- Apr'19 which was 0.12 MnT in similar time frame of previous year.