Indian HRC producers have slightly
reduced export prices to spur buying. Although the key rivals, Chinese
suppliers, were on holidays for a week, slack demand keeps putting pressure on
Indian offers anyway.
Specifically, quotes of Indian HR coils have decreased $10/t from the bottom
end over two weeks to $410-430/t FOB. “Chinese players have been away within
the past two weeks due to New Year celebrations, so Indian suppliers have not
revised prices sharply,” a large Indian trader told Metal Expert.
The traditional sales markets for Indian HR coils have been slow, with no deals
reported by traders. In the Middle East Indian suppliers quoted their products
at $410-425/t FOB, which was unattractive, local market insiders said. To
Europe offers have been set at some $410-415/t FOB (EUR 405-410/t CFR).
Market players interviewed by Metal Expert say that further price movement will
depend on buyers’ response to an upturn in Chinese offers.