Indian Steel Mill Slashes HRC Export Offers to Nepal
SteelMint recently learned from market sources based in Nepal, that major Indian steel mills have corrected their HRC export offers to Nepal for Sep shipments over bearish sentiments prevailing in domestic market.
As per information received, major Indian steelmaker is offering HRC to Nepal at USD 465-470/MT FCA which is equivalent to USD 485-490/MT CFR Raxual Border for Sep deliveries. The freight component is around USD 15-20/MT. However no major deals have heard concluded yet as negotiations are under discussions.
Thus, Indian HRC export offers to Nepal declined by around USD 35-40/MT. Towards the beginning of this month Indian steel mills booked HRC to Nepal at around USD 525/MT CFR Raxual border for Aug-Sep shipment.
Indian steel mills have shifted their interest to exports owing to inactive sales and higher inventories present in domestic market.
Meanwhile Indian steel mills also corrected HRC export offers to Vietnam for Sep-Oct shipments. In the beginning of the week Indian HRC export offers was around USD 472-477/MT CFR basis which has reached to USD 465/Mt CFR basis.
Nepal's imports of Indian HRC/Plates in H1 CY’19- As per data maintained with SteelMint, Nepal imported 0.22 MnT of HRC/Plates in H1CY'19 out of which around 83% of total imports or 0.19 MnT was procured from India.
Meanwhile Nepal’s HRC/Plate imports from China bagged 11% of total share with 0.03 MnT in Jan-Jun CY’19.
source: SteelMint
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