Due to low competition in the global HRC market, coupled with improving domestic sentiment on restocking demands and costlier feedstocks, Indian mills have raised hot rolled coil export offers by a further $40-50 per tonne on-week to $830-840 per tonne FOB for March-April shipments.

This follows the previous hike of $35-40 per tonne implemented last week. The trend as per market sources will continue for some time, however, it’s expected that prices would stabilize once China comes back from its New Year holidays.

Offers into East Asian markets as per the current sentiment stand at $840 per tonne  FOB India while, offers to Turkey are now heard at $870-880 per tonne CFR Turkey up $20 per tonne  on week. Meanwhile, European buyers have booked material for March shipments at $910-$915 per tonne CFR Antwerp.

Indian origin 2mm+ SAE 1006 grade March-April delivery HRC offers to United Arab Emirates and other Middle Eastern countries rose to $870-875 per tonne  CFR Jebel Ali this week with some suppliers offering as high as $900 per tonne  CFR Jebel Ali for March shipment. Previous deals into the region were concluded at $860-865 per tonne CFR Jebel Ali.