South Korean Mills Lower HRC Offers to India

SteelMint in conversation with market participants learned that Indian HRC import offers from Korea reported decline by around USD 10/MT for July- August shipments.

Recent offers for HRC (2mm) is learned to be around USD 530/MT, CFR India against previous offers of USD 540/MT, CFR.

As per update received from market sources, India based rerollers and stockists are in discussions for HRC booking from South Korea.

Thus as per calculations, landed cost of imported HRC to India will remain around INR 38,500-39,000/MT. Meanwhile domestic HRC prices (2.5-8mm) in traders market is assessed around INR 41,000/MT (ex-Mumbai).

Prior to this towards the end of May'19 Indian based rerollers and stockists have booked around 20,000 MT of HRC from major steel mill based in Japan at around USD 540/MT CFR India for July shipments.

Amid significant downtrend in global HRC offers from major exporting nations like Japan and Korea amid FTA (Free trade agreement) and dull domestic market may put domestic HRC prices under pressure.

As per reports, Indian steel ministry is trying to reach commerce ministry to relook the import duty that govern the steel imports into India as current anti dumping reference price levels are not viable in accordance with global prices.