Indian HRC exporters nudge up offers despite lack of deals

Tuesday, 05 December 2023 13:57:57 (GMT+3)   |   Kolkata
       

Undeterred by deals not working out over the past week, ex-India hot rolled coil (HRC) sellers in Europe have continued to push up offer levels expecting the upbeat mood to translate to higher workable prices soon, once European mills complete hiking local prices in the region triggering improved import interest.

More specifically, while ex-India offers were priced in the range of $590-650/mt FOB a week ago, this week mills have definitively pulled back all offers below the $600/mt FOB mark and will go in for incremental increases, expecting to deals to fall in place ultimately in the coming months, the sources said. Thus, ex-India HRC offers have settled at $600-660/mt FOB, up by $10/mt week on week, with the higher end of the range corresponding to increased offers in Europe.

According to sources, at least two Indian mills are heard to have submitted offers in the range of $700-720/mt CFR Antwerp, which translates to $650-670/mt FOB, and, even though no deals have been confirmed so far, sellers remain optimistic and have refrained from adjusting offers to push through immediate sales.

“We have not seen any ex-India HRC sales in Vietnam since September. The Asian market has long dried up. Middle Eastern buyers have also not been sourcing from Indian mills. But there is much higher optimism in Europe where local prices are improving and it’s only a matter of time before import interests become sharper,” an official at Tata Steel Limited told SteelOrbis.

“Barring some negatives from speculative futures, we see global prices gaining strength, although slowly. Indian sellers are positioning themselves for the next upturn rather than forcing immediate sales,” he added.


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