Indian HRC Import Offers Decline in Recent Deal Concluded

Indian HRC import offers reported fall for January shipments following constant decline in steel prices from major exporting nations.

As per market sources Indian steel mills booked around 25,000 MT of HRC from Japan at USD 555-560/MT CFR basis for January shipments.However previously the deal booked for Dec shipment was around USD 580-585/MT CFR basis.

Meanwhile South Korea has also decline HRC offers for Indian mills which is around USD 565/MT CFR India.However no major deals got concluded in revised offers.

Thus HRC import offers to India turned cost effective leading to significant decline in HRC prices in domestic market.

Chinese HRC export offers continued to remain on lower side- Chinese HRC export offers continued to remain on lower side after bouncing back in beginning of the week.Domestic prices rebound by RMB 130-140/MT on Monday morning however capacity cuts results to uncertainty in domestic market.

Currently HRC export offers from China is assessed around USD 460-470/MT FoB basis. However last week offers was assessed around USD 485-495/MT FoB basis.

Meanwhile prices of HRC in the domestic market fell further by RMB 30/MT on D-o-D basis amid decline in futures market. Presently domestic HRC is assessed at RMB 3,690-3,700/MT (ex-works) in Eastern China.

CIS origin HRC prices fell further over weak demand-CIS origin HRC export offers fell further by USD 10-15/MT amid weakening market sentiments and pessimistic outlook.

Currently CIS nations is offering HRC export offers in range of USD 460-475/MT FoB Black Sea.However last week the offers was in range of USD 470-480/MT FoB basis.

Imported HRC offers to Vietnam slips further- Imported HRC offers to Vietnam slide down further from China in beginning of the week.Since Vietnamese mills have kept the prices on lower levels as they are holding enough material and in no need to place urgent orders from Chinese mills.

Last offers was heard around USD 485-495/MT CFR Vietnam.However end users in Vietnam are waiting for more clarity in Chinese prices.

Imported HRC Offers to Bangladesh decline further- Market sources based in Bangladesh reported that persistent decline in steel prices from China in turn lead to fall in imported HRC offers to Bangladesh.

Currently imported offers of HRC (2mm) is assessed around USD 522-525/MT CFR basis.Previously the same was hovering around USD 530-535/MT CFR basis.

Global Flat Steel Export Offers - Week 49, 2018

Source-SteelMint Research