Indian Steel Mills Raise HDGI Export Offers for February Shipments

Indian manufacturers have resumed export offers of HDGI for February shipments.
Market participants mentioned that currently HDGI export offers are hovering around USD 810-820/MT FoB India.This will be equivalent to USD 850-860/MT CFR Europe.

As per the last assessment made a week ago, the offers were heard in range of USD 790-800/MT FoB basis. Thus offers have moved up by USD 10-20/MT W-o-W.

Domestic GP prices in India remain steady-Domestic GP (Galvanized plain coil) remained steady this week amid limited bookings happened in domestic market.

Currently price assessment for Galvanized plain coil (0.8 mm, 120 GSM) is at : INR 54,000/MT (ex-Mumbai), INR 53,000/MT (ex-Chennai), INR 54,000/MT (ex-Delhi) and INR 54,000-58,000/MT (ex-Hyderabad).

Also Indian mills are anticipating further hike in flat steel prices by INR 1000-1500/MT in the month of February over supply crunch prevailing in the domestic market.

Chinese HDGI export offers rose marginally despite thin trading-Chinese HDGI (1 mm) export offers rose by USD 5/MT despite sparse trading.

Slump demand in domestic market is also weighing on HDGI export offers from China.

Currently HDGI 1mm 120 g zinc coated export offers are assessed at USD 670-675/MT,FoB China.Previous week the offers stood at USD 665-675/MT,FoB basis.

Major mills in China have also raised their HDGI export offers slightly which is around USD 680/MT FoB basis.Meanwhile Chinese mills are also ready to offer discounts and accept the lower bids from overseas buyers.

Few market sources also reported that presently Chinese mills are focusing on selling long steel products in global markets amid weaker sentiments prevailing in domestic market.