Although this week Indian HRC mills were seen to be attempting to balance positive outcome from antidumping investigations announced by Indian government against flat products imports by maintaining their local HRC prices relatively stable, market insiders have reported higher volumes of HRC imports still arriving in the country from China, which limit the recovery potential of local prices.
Specifically, around 40,000 mt of ex-China HRC from suppliers without BIS certification have been sold to India at $480/mt CFR level last week. Besides, another deal for around 30,000 mt of ex-China HRC with BIS certification has been signed at $490-495/mt CFR for end-September shipment. “This deal for the end-September shipment and with guaranteed direct sailing to Mumbai means that the material will reach India in the shortest possible time - before end of October,” an Indian trader told SteelOrbis.
Meanwhile, according to sources, offers for ex-Japan and ex-South Korea SAE1006 HRC have been estimated at around $530/mt CFR, with only a few occasional deals reportedly signed in India last week. However, while offers for ex-Vietnam HRC have been also voiced at $530/mt CFR level, no interest has been reported in signing new deals following news about the launch of antidumping investigation on HRC originated from Vietnam with widths up to 2,100 mm at up to 25 mm in thickness.
As for local prices, this week, HRC trade price in India was down INR 100/mt ($1.2/mt) at INR 50,200/mt ($598/mt) ex-Mumbai and relatively stable at INR 51,000/mt ($608/mt) ex-Chennai in the south.