Quotations arrive even from India and East Europe Amid sharp drops in international prices of hot-rolled steel coils (HR), the possibility for sources of products flowing into domestic distribution market to be diversified is getting higher. An official related to a distributor based in Seoul-Inchon region said, “As steel service centers (SSC) in Seoul-Inchon region offered the limited processing-on-commissioning works of the imported products in February, and domestic steel makers and distributors reacted sensitively to the imported materials, the contract rate for importation has been low until recently. However, as the international prices of HR have recently plunged, offers arriving in domestic distribution market are increasing and the inventory has dwindled substantially, contracts are possible should the price is satisfactory.” He added, “Importing sources are also becoming diverse to include India and Europe as well as China. Indian-originated products in particular may not dare to make inroads into domestic market in normal situation, but if the slowdown in world economy continues after the international price experienced a free-fall, their launch into domestic distribution market would be a possibility,” indicating the domestic distribution market for the imported HR could be diverse. Nevertheless, the inflow of HR imports into distribution market has not yet become a reality. The offering price of Russian-produced products hovers at a U.S.$190 (C&F) level as of the end of July and that of Chinese-produced ones was also formed at a U.S.$203 (FOB) level at the beginning of July. Thus, those products have a lot of difficulties in making their way into domestic distribution market. Also, there is a rumor saying that the offering price of Japanese-produced thin steel sheet products sized at 1.45mm in thickness dipped to a U.S. $210 level (FOB), but it has not been confirmed as yet. Besides, the offer prices of Indian- and East European-produced ones are not at the levels which can tap the possibility of coming on to domestic market, said related officials who are waiting for possible further falls. At present, domestic importers-distributors have strong intentions to have some more time to watch over the price shift. A related official said, “We understand prices of the Japanese exports to Southeast Asia are dumped at below a U.S. $180 level. He added we are off the sideline, only watching HR imports, saying, “Now that prices of Japanese-produced products are at such level, we expect the import prices of HR from other nations as well to come down.” sunhong@snmnews.com