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SteelMint HRC export index down on falling China futures


SteelMint’s Indian HRC (SAE 1006) export index stands at $1,044/tonne (t) FoB east-coast basis, down by $13/t against $1,057/t FoB week-on-week (w-o-w). However, major steel mills have held on to the HRC export offers and are in a wait- and watch mode.
Chinese domestic HRC prices are falling due to a sharp drop in futures contracts on the Shanghai Futures Exchange (SHFE). On 25 May’21, SHFE HRC futures contracts closed at RMB 5,281/t, ($824) down RMB 35/t against the closing on 24 May’21 which was around RMB 5,316 ($829/t). Due to volatile


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