Tel : 0086-0371-86172891
Tel : 0086-0371-86172891
This week, India's hot coils still maintained an oversupply situation, with buyers mainly purchasing on demand. On Friday, the mainstream spot price of local hot coils was 55000 rupees/ton (660 US dollars/ton) EXW, with no change in the week on week ratio JAC340H steel.
Given the situation of domestic oversupply, Indian steel manufacturers are considering exporting heatwaves to the Gulf region, but the profits from exporting to the region are $40-50/ton lower than those in the European market. Supported by local steel mills reducing production and downstream replenishment demand, the current domestic trade prices in Europe are relatively high. However, due to weak seasonal demand, India's mainstream export quotes to Europe decreased by $10/ton to $695/ton CFR month on month. As the New Year holiday approaches, its demand is expected to further weaken JAC340H steel.
In terms of imports, we have not heard of Indian buyers importing Chinese made heat coils in the past few weeks, as the mainstream Chinese quotation of 600-605 USD/ton FOB is not within their acceptable range. Therefore, if the domestic trade prices in India continue to decline and the price difference between domestic and international markets narrows, it is expected that India's import volume will decrease from early January, and the supply pressure of domestic hot coils in India will be alleviated JAC340H steel.
