Posted on 07 Aug 2024
Indian hot and cold rolled coil export activity to Europe continued to be low this week due to depressed buyer sentiment and seasonally low activity during the summer holidays in the EU, Kallanish learns from sources.
Market participants are also awaiting official notification from the European Commission (EC) of its anti-dumping probe against HRC from India and select other countries (see Kallanish passim). The notification is expected to be released sometime during this week, a source notes.
Traders expect the EU’s weak activity and demand due to the summer holidays will likely improve from the first week of September.
In Europe, no new India-origin HRC offers were heard this week. Last week, limited offers were heard at around $640-650/t cfr Antwerp, or $590-600/t fob India, for S235 grade, August/September shipment.
Indian-origin HRC imports to the EU stood at 226,200 tonnes as of 5 August, already exhausting 75% of the available third-quarter safeguard quota, according to Eurometal data.
No new Indian-origin CRC offers to Europe were heard this week. Last week, offers were heard around $725-740/t cfr Antwerp, or $675-690/t fob India, for DC01 grade, August/September shipment, with offer prices negotiable.
Indian-origin CRC imports to the EU stood at 35,700 tonnes, with remaining balance at 129,200t and 5,200t awaiting allocation as of 5 August. CRC imports have only exhausted 25% of the available third-quarter safeguard quota, according to Eurometal data. Metal-coated and organic-coated imports were already exhausted.
In the South Asian market, India-origin offers to Nepal were heard at $565-575/t cfr delivered up to Raxaul Road/Nepal border.
In the Vietnamese and other Asian markets, no new Indian offers were heard as Indian exporters continued to be inactive.
India also remained out of the Gulf Cooperation Council, African and other export markets, with no new offers heard this week.
Source:Kallanish
