Indian hot and cold rolled coil export activity to Europe remains slow amid summer holidays and limited buying interest, Kallanish learns from sources.
A source opines: “The [European HRC] market is still sluggish.” Demand is low due to, in some cases, extended summer holidays and persisting weak buying interest, he adds. EU safeguard quota-related issues are also a factor.
Indian-origin HRC supply into the EU since 1 July stood at 234,900 tonnes as of 2 September, according to Eurometal data. About 66,800t or 22% of the third-quarter quota remains for future allocations.
India-origin offers were heard this week in the European market, after several weeks of no activity due to summer holidays and no buyers in the market.
India-origin HRC offers were reported at $605-610/tonne cfr Antwerp, or $550-555/t fob India for S235 grade, end-September/October shipment. This is a drop of $35-40/t from the last heard HRC offers a month ago.
Last week, an India-EU HRC deal was heard concluded at $605-610/t cfr Antwerp, or $550-555/t fob India, for S235 grade, end-September shipment, for 10,000t.
Some India-Italy HRC offers were heard at around €560/t ($618) cfr Italy, but for prompt delivery.
Indian-origin CRC offers to Europe were heard at $690-700/t cfr Antwerp, or $635-645/t fob India, DC01 grade, end-September/October shipment. This is a $5-10/t drop on-week.
Sources note some small-quantity CRC orders are being booked on and off in this range, having a quantity of 500-1,000t.
In the South Asian market, India-origin offers to Nepal were heard at around $550-565/t cfr delivered up to the Indian border/Raxaul Road. This is an on-week drop of $5/t.
In the African market, no new offers were heard this week. The last heard, limited offers, only applicable for select buyers, were reported at $580-590/t cfr Djibouti for end-August/September shipment, LC at sight, base commercial grades.
Suhita Poddar India
