Indian domestic HRC prices have exhibited correction in the last couple of days, after a 6 week spell of downfall, giving hope to Indian steel producers about a possible bottoming out. But this euphoria is likely to be somewhat subdued in the backdrop of major import bookings concluded recently at lower prices.
It was earlier learnt that some major cold reducers in Western and Central India had recently tied up with prominent HRC producers for their requirement of HR Coils in cold rolling grade up to March 2009 at import parity pricing.
But now it is reported that some of them have agreed to buy large quantities (Unconfirmed reports point to volumes of more than 200,000 tonnes) of CR grade HRC from some mills in Eastern Europe, Russia and Iran in the range of USD 450 per tonne to USD 460 per tonne CNF Mumbai for March or April shipment
The unconfirmed reports point out the sources as ArcelorMittal, MMK and Mobarke Steel of Iran.
It does not augur well for the Indian domestic suppliers of HRC as the demand for HR will remain depressed due to abundance in the coming months.
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Source : www.steelprices-india.com