Indian hot and cold rolled coil prices to Europe remained rangebound this week as trading activity continued to be very weak, Kallanish learns from sources.

India-origin HRC offers are flat on-week at $560-570/tonne cfr Antwerp, or $500-510/t fob India, for S235 grade, end-February/early-March shipment. India-EU freight rates for vessel load are currently around $60/t, and around $80-90/t for spot bookings.

Comparatively, some Turkish HRC offers were heard as low as €530/t ($553/t) cif Bilbao base grades similar shipments, as per one source.

Sources say there is still no India-origin HRC buying happening from the European market as buyers remain unwilling to incur any anti-dumping related retroactive duty risks amid the ongoing European Commission probe.

A European buyer concurs, noting, the market is mainly buying locally in the EU due to comparable pricing, shorter shipment times and lower risks. He also anticipates local EU HRC levels will increase in the next quarter due to lower imports.

According to EU Taric data compiled by Eurometal, India’s first-quarter EU HRC safeguard quota balance is unchanged on-week, standing at 289,000t out of 295,100t, as of 27 January. It has 98% of quota available for future allocations. 

CRC offers to Europe are also steady on-week at $640-660/t cfr Antwerp, or $580-600/t fob India, DC01 grade, end-February/early-March shipment.

Small tonnages between 500-1,000t CRC were heard sold at close to $650-655/t cfr Antwerp base grades last week. But no larger deals were heard.

Comparatively, Vietnam offers were at around €650/t cif Bilbao, 1mm thickness, base grades.

India’s first-quarter EU safeguard quota balance for CRC stands at 139,300t out of 161,300t. 2,400t is still awaiting allocation and it has 85% quota availability, as of 27 January.

Indian-origin HR plate offers to Europe also remained unchanged w-o-w at $670-675/t cfr Antwerp, or $610-615/t fob Mumbai ports, for S275 or S235 grade, end-February/early-March shipment.

Indian-origin hot-dip galvanized coil offers are also flat w-o-w heard at $755-765/t cfr Antwerp or $695-705/t fob Mumbai, BX51 grade, end-February/early-March shipment.

India’s remaining metal coated flats quota is at 10,700t out of total quota of 53,000t, with availability at 20%. Its remaining organic coated steel quota stands at 17,900t out of 77,700t, with 300t awaiting allocation and a quota availability of 23%, as of 27 January.

In the Gulf Cooperation Council market, Indian-origin HRC offers were flat w-o-w at $530-535/t cfr GCC ports, or $510-515/t fob Mumbai, for 20-25kt vessel load, SAE 1006 2mm re-rolling grade, end-February/early-March shipment.

In the South Asian market, India-origin offers to Nepal were at $540-545/t cfr delivered up to the Indian border/Raxaul Road. Nepal offers are usually close to Indian domestic levels with a slight premium. Indian offers to Bangladesh were also at similar levels, heard at $540-545/t cfr Chittagong.

A source expects India's neighbouring countries such as Nepal and other South Asian countries will continue to be a key export destination in the near term.