[SMM Steel] India HRC Exporters Resist Lower Vietnam Bids; Billet Offers at 450-455 USD/tonne FOB
[India] Indian HRC offers held at around 515 USD/tonne CFR Vietnam, against bids near 500 USD/tonne CFR, as weak downstream demand and competitive local supply kept Vietnamese buyers cautious. Indian mills resisted lower bids, supported by domestic HRC prices at around 598 USD/tonne (57,000 INR/tonne) EXW Mumbai. Export indications stood at 510-520 USD/tonne FOB India, while freight of 120-130 USD/tonne implied 630-650 USD/tonne CFR Europe, where a large Indian producer was heard to be active recently. Indian billet offers were around 455 USD/tonne FOB East Coast, versus domestic prices of 441 USD/tonne (42,100 INR/tonne) EXW Mandi Gobindgarh. Meanwhile, a deal for 20,000 tonnes of billets was heard at 450 USD/tonne FOB Indian Port for delivery in West Asia.