Indian steel mills turn to Chinese & Southeast Asian buyers
With the lasting national blockade in India and continued low demand in the domestic market, market participants stated that Indian steel mills could only put all hopes on Chinese and Southeast Asian buyers, wishing them to purchase large quantities of hot-rolled coils at a low price level for May shipment.
Even though the Indian government had planned to reopen some areas in early May, the domestic market would need time to recover. This was absolutely not just one or two weeks issues. Therefore, many Indian steel mills were trying to sell at least half of their hot-rolled coils overseas with discounts which caused the Indian hot-rolled coil export prices to fall in the past week.
At the same time, according to the statistics of professional institutions, the low demand for hot-rolled coils in India also affected the domestic market. There was so quiet in the domestic market which caused the prices of imported hot-rolled coils were no big change in the past week.
