As per market reports, Indian buyers have started to receive aggressive offers for import of HRC from both Ukrainian and Chinese sources this week.

China
As per latest information, Chinese sellers are offering HRC at about USD 650 per tonne CFR Mumbai.

Due to week domestic demand and price crash in China, it appears that steel mills are trying to cover their order books through exports and have reduced their FOB levels to about USD 610 per tonne from earlier USD 680 per tonne about 20 days ago.

Ukraine
Ukrainian mills offers were previously heard at USD 660 CFR Mumbai, equating to FOB levels of USD 610 per tonne to USD 615 per tonne.

But by the end of this week some indications started coming at USD 645 also, which translated to FOB levels of less than USD 600 FOB

Import parity table

INR to USD - 49.84

Market players anticipate that HRC prices are now close to the bottom and could jump back.

The trend of prices in next week will be crucial for Indian buyers to take import decisions when they come back from Dipawali holidays although weakening of INR is adding to uncertainities

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