The latest export offers from Indian producers were assessed at $660 per tonne for hot rolled coils. However, facing stiff competition, China's offers have decreased considerably and hovered around $580-590 per tonne.
Indian producers reportedly withdrew all export offers by 15 December, especially for markets in South East Asia, the Middle East and other regions including Turkiye. The industry is closely monitoring global trends and waiting for more favourable conditions before considering resuming exports to Southeast Asia and the Middle East.
China's export offers are currently in the $585-590 per tonne range for other destinations and around $609 per tonne for imports to India. This competitive pricing has essentially kept Indian players out of the export market, given their significantly higher production costs.
Some exporters noted that most export offers from China were even below their production costs. The issue of Chinese products entering the Indian market sometimes through intermediary countries like Vietnam has been brought to the notice of the Steel Ministry.
Vietnam, which was earlier the market for Indian steel exports, has become a seller to India. In the face of difficult market conditions, Indian exporters suggest that it would be prudent for Indian mills to suspend export offers in the hot rolled coil segment until there is a change in Chinese prices.
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