India’s export hot sheet in Europe has recently dropped $10 weekly to $695 per ton CFR. There are no buyers for India’s hot sheets In the South East Asian and Middle East markets currently , meanwhile China’s prices are more competitive.

China’s hot sheet in the Middle East is $605 to $610 per ton CFR, which has recently been relatively stable. Other major exporters, such as Japan, Taiwan and South Korea, are currently out of business, raising concerns about supply constraints. Demand in the Middle East is desirable and projects are active.

Indian factories have temporarily shifted the focus of their exports to the European Union. However, the New Year’s holiday may reduce export market activity for a few weeks.