Indian Steel Mill Books 40,000 MT HRC for Export to Vietnam
SteelMint in conversation with traders based in Vietnam shared that a major Indian steel mill recently booked HRC cargoes for export to Vietnam for Sep or early Oct shipments.
As per an update received, major Indian steelmaker based in eastern region booked around 40,000 MT of HRC with end users based in Vietnam at USD 477/MT CFR Vietnam for Sep or early Oct shipments.
Prior to this, major Indian steelmaker booked around 60,000 MT of HRC (positioned cargoes) with Vietnam based end users at around USD 475/MT CFR Vietnam for Sep shipments.
Vietnam has became a major destination for Indian HRC exports since last couple of months over active buying from end users based in Vietnam over competitive offers.Also Indian mills are struggling with increased inventories amid dull demand and therefore trying to push volumes in export.
JSW Steel sale-able steel sales stood at 3.75 MnT in Q1FY20 move down by 13% as compared to 4.29 MnT in previous quarter.The company fell short of sales guidance by 2,50,000 MT.
As per concall highlights SAIL mentioned that finished steel inventory stood around 1.5 MnT by end of June quarter.Thus finished steel inventory increased by 2.88 lakh tonnes in Q1 FY20 against previous quarter.
Indian HRC/Plate export volumes to Vietnam - As per the data maintained with SteelMint, Indian HRC export volumes stood at 3.12 MnT in Jan-May’19.Out of which India exported 0.64 MnT of HRC/Plate to Vietnam occupying the share of 33.27% in Jan-May’19.
source: SteelMint
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