Indian mills cut HRC ex-works due to the slowdown in domestic demand
Indian mills cut HRC ex-works due to the slowdown in domestic demand, India's ex-factory price of hot rolled steel cut, 3mm hot rolled coil ex-factory price of Rs 1,000 / ton to 2.65-2.75 million rupees / tonne (US $ 404-419 / ton).
To attract buyers, some Indian mills are currently provided 1000-1500 rupees / ton discount, but demand is still sluggish.
Indian HRC import demand is also weak, we have not heard the new order. This week the volume of Chinese goods to the Indian offer will remain stable, at $ 285-290 / ton (CFR), plus customs duties and safeguard duty, equivalent to $ 377 / ton. Offer from Japan and South Korea are also rare, last week South Korea 1.2mm-2mm HRC at $ 330-335 / ton (CFR), the equivalent of $ 399 / ton (CFR). Russian mills return to the Indian market, the Severstal steel 2mm hot rolled coil quoted at $ 295 / tonne (CFR) above levels.
With the arrival of Diwali holiday, expected next week, the Indian domestic HRC market will remain deserted.