Steel companies in India raise prices of HRC
Indian HRC makers still enjoy minimal competition in main foreign outlets. They surged their export offer prices again late this week, and the rise seems to be accepted soon.
After selling several small HRC batches at around $970/t CFR to the EU, Indian suppliers went higher. Europe is the main sales market now and targets are at $980-1000/t CFR .
Moreover, one major Indian mill has been in negotiations with a European buyer this week, and the contract is expected to be signed at $1,000/t CFR , market sources say. Such a sharp price rise became possible due to limited supply in Europe, as local sellers are on holidays, while demand is growing at a faster pace.
Even bigger rise has been seen in the Vietnamese market . New offers from Indian mills were coming at $870-890/t CFR there. Previous deals were concluded in the range of $820-845/t CFR this week.
“Vietnam is unlikely to accept such a sharp rise immediately,” a Chinese trader opined. Chinese sellers were out of the market, still waiting for certain decisions of the government regarding export tax rebates.