Indian hot rolled coil export prices to Europe are largely stable week-on-week while cold rolled coils are marginally down by $5/tonne on-week, as demand remains slow ahead of summer holidays in the region, Kallanish learns from market sources.
Other key factors impacting demand are the risk of exhausting the safeguard quota for certain products, persistent weak EU demand and uncertainty over CBAM rules, sources say.
As of Tuesday, Indian-origin HRC offers are flat w-o-w at $585-595/t cfr Antwerp, or $525-535/t fob Mumbai, for S235 grade material, August/September shipment, but bids are at closer to $560-570/t cfr.
Despite prices being stable, freights are slightly higher around $60-65/t on average compared to $55-60/t previously, as it depends on deal size, sources say
According to EU Taric data compiled by Eurometal, India’s HRC category 1A EU July-September safeguard quota is 100% available as of 14 July, at 227,500t unutilised.
India-origin DC01 grade CRC offers are marginally down $5/t w-o-w to $700-705/t cfr Antwerp, or $640-645/t fob India, while bids are at around $690-700/t cfr, say traders.
Last week, a major Indian mill booked a total of 45-50,000t of a combination HRC and CRC material of varying grades and values (see Kallanish passim). Of this, a 35,000t India-EU CRC deal was heard booked at $700-705/t cfr Antwerp, Aug/September shipment.
India’s CRC category 2 EU safeguard quota is 99% available, at 163,700t unutilised and 200t awaiting allocation.
Hot rolled plate offers are flat w-o-w at $675-690/t cfr Antwerp, or $620-635/t fob Mumbai, for S275 or S235 grades.
Hot-dip galvanised coil (HDGI) offers are steady at $775-790/t cfr Antwerp, or $720-735/t fob Mumbai, for 1mm Z275 or DX51 grades.
Pre-painted GI or colour-coated coil offers are at a premium of $200/t over HDGI levels, at $975-990/t cfr Antwerp, or $920-935/t fob Mumbai, for 0.5mm Z140 grade, August/September shipment.
Metal-coated category 4A’s safeguard quota is 25% available as of 14 July, at 13,800t unutilised and 100t awaiting allocation. While the metal-coated category 4B quota stands at 86% available, at 67,100t unutilised and 400t awaiting allocation.
Organic-coated category 5’s safeguard quota is already exhausted as of 7 July.
Source:Kallanish
