Iran to Ship First HRC Consignment of 32,000 MT to India - Sources
As per recent update received to SteelMint, Iran is all set to ship its first consignment of HRC to India. As per the bulk vessel data maintained with SteelMint an Iranian steel mill has shipped 32,000 MT HRC.
The vessel “Platamon” is expected to arrive at Mumbai port today. As per sources, the shipper is Mobarakeh Steel Company.
Another vessel ‘Sea Sapphire’carrying 31,850 MT HRC from Iran is expected to reach Mumbai on 16 March 2019,
SteelMint in its earlier report mentioned that Indian steel mills booked few quantities of HRC from Iran at around USD 450/MT CFR basis for March shipments. Cheaper imported HRC bookings from Iran, CIS nations and Korea pulled domestic HRC prices in India to 1-year low in Jan’19.
Iranian steel mills were exporting bulk quantities of HRC to India and offering lower prices compared to Chinese mills due to imposed USA sanctions and dull domestic demand in Iran.
This resulted in increased volumes of imported HRC to India which was already facing the issues of cheaper imports arriving from Korea and Japan under Free Trade Agreement. However with hike in global offers in Feb’19, landed cost of imports turned costlier.
source: SteelMint
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