Indian Primary Steel Mills See Improved Inquiries At Export Front
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Indian primary steel mills have received export orders of flat steel products for the February 2023 shipments. The trade inquiries picked up majorly from Europe and about two shipments have been sold out by primary mills of Eastern India. Nearly 80,000 tons of PM plates export deals were confirmed by Indian large mills for Europe. The average deal price was reported at around USD 790-800 FOB India. This is equivalent to USD 840-850 per tons CFR Europe.
India’s finished steel exports were recorded at about 10.32 million tons in the first 3 quarters of FY22. In the same period of FY23, it stands at around 4.74 million tons, dropping by 54% year-on-year.
The mills recently announced a hike in domestic offers by around Rs 2,000 per tons (USD 24) for the early January 2023 orders. Due to better realization in domestic trades of HR coils (HRC), the mills are waiting for improvement in export bids of HRC.
Read more: Steel Prices Of Mid-Sized Mills Remain Volatile But Participants Are Optimistic
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