Despite weak demand and limited offers, prices remained high in both export and domestic markets due to supply shortages caused by maintenance shutdowns and restocking ahead of the monsoon rains.
Market sources pointed to low demand and the EU's ongoing quota issues as factors contributing to the subdued sentiment. There is an expectation that the EU's quota measures will be extended beyond the June 30 deadline. In addition, the next customs clearance date for Indian shipments reaching the EU is October 1.
According to EU TARIC data, the remaining balance of the EU's second quarter quota for HRC originating in India is 49,317 tons, with 1,810 tons still awaiting allocation as of April 29. Last week, the remaining balance was 39,157 tons, with 808 tons awaiting allocation. This increase in the balance may be due to the transfer of the 2023 Q4 quota to 2024 Q1, as well as the recent transfer of part of the Q1 quota to Q2.
In the European market, no new offers for India-origin HRC were reported this week, although mills' price expectations remained unchanged at around USD 650-660 per tonne CFR Antwerp, or USD 600 per tonne FOB India for S235 grade, for May/June shipment.
Some major Indian mills are expected to return to the export market in the first week of May, according to sources.
Bid-offer price gap is noted to be around USD 40 per tonne, with European buyers seeking USD 615-620 per tonne CFR.
Comparatively, Korean offers were heard closer to European domestic prices at around EUR 630 per tonne (USD 674.7 per tonne) CFR, while Japanese offers were at USD 630 per tonne CFR.
No new initial offers for CRC were heard this week, similar to the HRC market. Last week, CRC quotes were at USD 760-770 per tonne CFR Antwerp, or USD 710-720 per tonne FOB India for DC01 grade, May/June shipment.
There were no new offers in the Gulf Cooperation Council for the second consecutive week. The last initial Indian-origin SAE1006 grade HRC offers were at USD 600-610 per tonne CFR Jebel Ali, or USD 570-575 per tonne FOB India, for May/June delivery.
In the Vietnamese market, India-origin HRC initial offers were heard at USD 565-575 per tonne CFR Ho Chi Minh City, or USD 550 per tonne FOB India, for re-rolling SAE1006 grade, May/June shipment. However, Vietnamese buyers are likely to opt for Chinese-origin imports due to lower offer prices of USD 500 per tonne fob China.
In the South Asian and African markets, no new offers were reported this week.
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