[SMM Steel] Indian HRC Offers to Northern Europe Rise as Domestic Market Stays Firm
[India Export] SMM assessed India-origin HRC at 660USD/tonne FOB India for Europe and 730USD/tonne CFR Northern Europe, following reports of deals at 720–730USD/tonne CFR. Offers later moved up to 740–750USD/tonne CFR, but no fresh business was confirmed at the higher levels. For Vietnam, SMM’s India-origin HRC price stood at 567.5USD/tonne CFR. Buyers were heard around 540USD/tonne FOB India against seller indications near 550USD/tonne FOB, but with no firm offers from Indian mills, the market remained quiet. SMM’s billet price stood at 467.5USD/tonne FOB India, while overseas billet and slab sentiment remained soft and no fresh Indian billet deal was reported. Chinese HRC was heard close to domestic parity after safeguard duty was included. Market participants said prevailing offers of 550–555USD/tonne CFR India were commercially viable only for importers eligible under the Advance Authorisation Scheme. Mumbai HRC was heard at around 656USD/tonne (63,000INR/tonne) EXW, which participants considered a realistic mill level, with a further increase of around 1,000INR/tonne expected in the coming days. Firm domestic prices gave mills little reason to lower export offers, although the higher European levels had yet to be supported by fresh deals.