Indian export offers for hot rolled steel to the European Union increased compared to the previous week. However, trading activity in the region remained slow as traders were waiting for clearer trends to emerge following a quiet period due to the holidays.
Reportedly, China and Japan have resumed operations after the Labor Day holidays, and limited inquiries have been seen in the market. However, no deals have been finalized yet. Additionally, China’s hot rolled steel offers to the Middle East have remained within a specific range following the Labor Day holiday. Meanwhile, Indian mills have opted to halt their export offers to the Middle East and are focusing on the domestic market due to higher profitability.
Overall, the global hot rolled steel market remains sluggish due to weak demand and cautious buying sentiment, and trading activity is expected to fluctuate within a limited range in the short term.
Indian export offers for hot rolled steel to the EU rose by $10 per ton week-on-week, reaching $650–655 per ton CFR. On the other hand, Chinese export offers for hot rolled steel to the Middle East remained in the range of $480–490 per ton CFR to the UAE after the Labor Day holiday in China. Additionally, demand in the Middle East region remains weak. Meanwhile, Indian mills continue to refrain from making offers due to China’s competitive pricing and the better profitability of domestic sales.
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