Indian Steel Mills Conclude HRC Export Deals to UAE

Indian major steelmakers have booked HRC cargo for export to UAE for Feb end and early March deliveries.

In conversation with market participants based in UAE, SteelMint learned that, a week back two of the major Indian steel producers have booked around 10,000-15,000 MT HRC (S235 JR, 2mm and above, pipe making grade) at USD 530-535/MT CFR UAE.

Meanwhile last week Japanese and Korean mills also booked HRC cargoes with UAE at USD 528-530/MT CFR basis for Feb- March shipments.

Further the sources shared, the gap between the bids and offers is quite wide. Also, the buyers are bidding around INR 520-525/MT CFR basis amid weakening scrap prices and potential impact of coronavirus issue.

In contrast to this, current offers from Indian steel mills for Vietnam are heard around USD 545-550/MT, CFR basis.

Indian HRC/Plates exports to UAE in Jan-Nov '19- As per data maintained with SteelMint, Indian HRC/Plate exports stood at 5 MnT in Jan - Nov' 19. Out of which exports to UAE is stood around 0.57 MnT occupying the share of around 12% in Jan- Nov '19.