Indian Steel Mills Turn Active for HRC Export Bookings Over Limited Domestic Demand
Major Indian steel manufacturers have booked around 50,000 MT HRC for exports to Vietnam over rising export prices and sluggish sales prevailing in domestic market.
In conversation with industry participants, SteelMint learned that a major Indian steel mills have collectively booked around 50,000 MT of HRC in last 4-5 days for Vietnam at 508-510/MT CFR Vietnam for August shipments.
Indian steel mill based in eastern region concluded a deal of around 25,000 MT of HRC and another major steel mill based in western region booked around 30,000 MT of HRC with Vietnam at USD 510/MT CFR basis for August shipments.
Prior to this, last week Indian HRC export offers was hovering around USD 495-500/MT CFR basis.
Indian steel mills increase HRC export offers following uptrend in steel prices from China which in turn leads to increased HRC exports from India.Meanwhile Indian steel mills are trying to explore export options over bearish market sentiments and sluggish demand prevailing in domestic market.
Also few trade sources based in India shared that, Importers based in Vietnam are actively bookings HRC from India and China in anticipation of hike in HRC prices owing to new production cuts announced by Chinese government in Tangshan region.
Imported HRC Offers to Vietnam from China :Imported HRC offers from Vietnam also moved up amid uptick in HRC export offers from China.
Imported HRC offers to Vietnam from China moved up by USD 5-10/MT and are heard at USD 505-510/MT CFR basis which was USD 495-500/MT CFR basis in beginning of this week.
Current HRC Trades to Vietnam - Week 26
1. HRC (SAE 1006) 2-3mm/Chinese offer- Benxi Steel is at USD 510/MT CFR Vietnam. Last week the offers was around USD 505/MT CFR basis.
2. HRC (SAE 1006) 2-3mm/Chinese offer- Laiwu Steel is at USD 510/MT CFR Vietnam. Last offers were heard around USD 495/MT CFR basis.
3.HRC (SAE 1006) 2-3mm/Japanese offer- Kobe Steel is at USD 520/MT CFR Vietnam. In the beginning of the week offers was around USD 510/MT CFR basis.
4.HRC (SAE 1006) 2-3mm/Japanese offer- Nippon Steel is at USD 525/MT CFR Vietnam.
source: SteelMint
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