Indian HRC Export Shipments Rise Multi Folds in August - Port Data
Indian HRC bulk export shipments observed a sharp hike in Aug'19 according to port data maintained with SteelMint. Indian bulk HRC export shipments were recorded at 433,161 MT in Aug'19 against 148,600 MT in Jul'19.
1. Shipper-wise Indian HRC export shipments- As per data maintained, Tata Steel was the largest shipper at 256,810 MT followed by JSW Steel at 131,565 MT & others.
2. Vietnam remained the largest destination for Indian HRC export shipments- Vietnam accounted for the largest share of 33% in Indian bulk HRC export shipments followed by UAE, Sri Lanka, Malaysia etc.
3. Indian HRC export prices to Vietnam drop sharply- As per data maintained with SteelMint, in the beginning of Aug’19 imported HRC offers to Vietnam stood around USD 500/MT CFR basis fell by USD 50/MT M-o-M basis against USD 450/MT CFR basis in beginning of Sep’19. Amid dull domestic demand & high inventories, Indian mills & traders actively booked HRC cargoes for export to Vietnam.
4. Subdued demand in domestic market - Domestic HRC prices continued to remain under pressure over sluggish trades and tedious demand prevailing in domestic market. As per data maintained with SteelMint domestic HRC prices is assessed at INR 36,750/MT (Ex-Mumbai) which was INR 37,250/MT (ex-Mumbai) in previous month. Prices mentioned above are basic and extra GST @18% is applicable.
Thus slowdown in domestic market pushed Indian steel mills to export HRC to overseas nations.
source: SteelMint
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