Indian Sheet Manufacturers Focus On European Market

Indian sheet manufacturers focus on the European market

Major Indian steelmakers last week made fresh hot coil offers to EU customers but failed to attract buyers. At the same time, sellers successfully concluded cold roll transactions. Domestic demand in India remains weak in the two weeks after Diwali due to the general election.

Only one Indian steelmaker was offering hot coils in the export market last week. The price to European customers is US$695-700/ton CFR (approximately US$655-670/ton FOB), an increase of US$5-10 within a week. After signing a 20,000-ton deal at $680-685/ton CFR about ten days ago, there were no transaction reports. “European buyers are waiting for clearer market conditions,” an Indian trader told Metal Expert.

At the same time, it was reported that some Indian cold roll transactions last week were at US$770-775/ton CFR, while the quotation range was US$775-780 CFR.

Indian market sources believe that the manufacturer will continue to supply hot rolled coils as well as downstream products to the EU. Prices fell in Asia and the Middle East. Additionally, domestic demand in India remains subdued two weeks after Diwali due to elections across the country. Local hot coil consumers believe that Indian plate producers will try to raise domestic prices in early December, but buyers will resist.