Ex-India HRC prices relatively stable, competition still challenging

Tuesday, 19 March 2024 16:20:22 (GMT+3)   |   Kolkata
       

Ex-India hot rolled coil (HRC) prices have been relatively stable during the past week, with only some declines seen in the main sales destination, namely, Europe. Competition in the HRC market has remained tough even despite the recent hike in Chinese futures prices.

Ex-India HRC prices are at $570-595/mt FOB, with the higher end of the range down by $5/mt over the past week.

According to sources, some Indian mills have been more active in negotiations to the Middle East, but there have been no confirmed deals and offers to the UAE from traders are still ranging from $600/mt CFR to $620/mt CFR, which translates to $570-590/mt FOB. Taking into account the offers from China which are still at low levels of $550-570/mt CFR, bids from the UAE for ex-India material are below $600/mt CFR.

In addition, a deal for ex-India HRC has been reported to southern Europe at the equivalent to $590-595/mt FOB or €590/mt CFR, signaling a drop of up to $10/mt over the past week since previously the lowest offers to this destination were at $600/mt FOB. Also, there have been rumors about a sale to northern Europe at around $600/mt FOB or so, but this could not be confirmed by the time of publication.

“Indian mills are interested in export sales. But there are challenges as ex-China prices have been constantly declining,” a source at an Indian mill said.

“At a time when export allocations are decided for the first quarter of the next fiscal year (April-June), mills will need to factor in that exports will be sustained but lower price realizations will remain for sales across destinations. Each mill has to work out varied pricings depending on how much weightage each mill gives to exports,” the source said.


Similar articles

Ex-India HRC prices move sideways, local price hikes by mills anticipated

05 Nov | Flats and Slab

Chinese HRC exporters raise prices slightly in anticipation of more stimuli

05 Nov | Flats and Slab

Major steel and raw material futures prices in China – November 5, 2024 

05 Nov | Longs and Billet

China Oriental Group and ArcelorMittal to jointly build two flat steel plants in China

05 Nov | Steel News

Nucor weekly Consumer Spot Price (CSP) for hot rolled coils steady following earlier weekly gains

04 Nov | Flats and Slab

Ex-China steel plate prices move down further

04 Nov | Flats and Slab

Major steel and raw material futures prices in China – November 4, 2024 

04 Nov | Longs and Billet

US hot-rolled coil pricing largely flat on the week following recent spot market slump

01 Nov | Flats and Slab

Brazilian HRC export price declines in two weeks

01 Nov | Flats and Slab

Global View on HRC: Prices see only small corrections, but obvious improvement in trades

01 Nov | Flats and Slab