Indian HRC Export Prices Decline Further in Recent Bookings
Weakening trades, higher inventories and falling steel prices compelled Indian steel mills to actively export HRC to global market
Indian steel mills are aggressively exporting HRC to Vietnam as domestic sales fall back over softening steel prices.Trade sources based in Vietnam shared with SteelMint that Indian steel mills have lowered HRC export offers for Vietnam for end Sep and early Oct shipments.
Current HRC export offers is hovering around USD 455-460/MT CFR basis which was USD 460-465/MT CFR earlier last week. Offers are expected to move down by USD 5-10 in coming days, shared trade sources.
Offers for positioned cargoes were heard at USD 450/MT, CFR Vietnam levels however confirmation could not be received at the time of publishing this report.
Thus end users in Vietnam are eyeing for lower HRC offers and preferring Indian cargoes over China amid competitive offers.
Current HRC trades to Vietnam- Week 37, 2019
1.Confirmed trade deal heard of around 30,000 MT HRC of Essar steel last week at USD 457-458/MT CFR basis for end sep shipments.
2.Confirmed trade deal heard of around 20,000 MT HRC of JSW steel last week at USD 455/MT CFR basis for early Oct shipments.
3. Confirmed trade deal of around 20,000-25,0000 MT HRC of Tata steel last week booked at USD 458/MT CFR basis for early Oct shipments
4.HRC (SAE 1006) 2-3mm/ Chinese offer- Laiwu Steel is at USD 460/MT CFR Vietnam. Last week offer was at USD 460-462/MT CFR basis.
5.HRC (SAE 1006) 2mm/ Korean offer– Hyundai is offering at USD 480/MT which was USD 485/MT CFR Vietnam in previous week.
6.HRC (SAE 1006) 2mm/ Japanese offer- Nippon steel is offering at USD 485/MT CFR Vietnam. Last week offers stood at USD 495-500/MT CFR basis.
source: SteelMint
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