International Steel Market Daily: Local Oversupply, India’s Heatwave Reappears in The Vietnamese Market

At present, some Indian buyers have ended their holidays and returned to the trading market, but due to high inventory, local hot rolled coil transactions in India are still sluggish. Last week, local hot rolled coil prices in India decreased by approximately $24USD/MT on a week on week basis, with ex factory prices ranging from $661-673USD/MT EXW. As of the date of publication, prices remained stable. The trading atmosphere is poor, and considering profits, some Indian steel mills have expressed willingness to even lower prices to export hot rolled coil in an effort to maintain local prices for hot rolled coil. In such a fundamental situation, Mysteel has heard that some Indian steel mills have started quoting Vietnam this week, with prices ranging from approximately $635-645 per ton of CFR. Currently, the mainstream export price for Indian hot rolled coil is around $635 per ton FOB.
  The Indian quotation has a certain advantage over the local hot rolled coil prices in Vietnam. Due to the high prices of raw materials in Vietnam, the quotation for hot rolled coil continues to strengthen. Currently, the quotation for Vietnam and hot rolled coil is approximately 640-641 USD/MT CIF Ho Chi Minh City.