Indian Buyers Have Lower Bargaining Power For Chinese Hot Coils. Vietnam’s Price Advantage Resources Flow Into The Indian Market

  Recently, Indian hot coil importers have offered a counteroffer of approximately $530-535 per ton of CFR to Chinese hot coils, a decrease of approximately $10-15 per ton compared to last week. While Indian buyers have seen a significant decrease in bargaining, India has imported approximately 70000 tons of Vietnamese heat coils at a price of $575-580 per ton, with an August shipping schedule.

  Although the price of Indian imported Vietnamese hot coils is relatively high, due to free trade policies, Indian imported Vietnamese hot coils are exempt from import tariffs, while imported Chinese hot coils require a tariff of 8.25%.

The Indian importer stated that the current price of hot coils imported from India to Vietnam is approximately 49750-50250 rupees per ton EXW Mumbai. If the price of imported hot coils from China wants to reach the corresponding level, they must be imported at a price of approximately 530-535 US dollars per ton of CFR (approximately 49700-50150 rupees per ton of EXW Mumbai).

At present, the ex factory price of hot coils in India is about 595-610 US dollars per ton EXW, with a weekly increase of about 10 US dollars per ton. Some market participants have expressed that Indian steel mills are not in a hurry to ship and are currently unwilling to lower prices for sale.