Global HRC Export Offers Stable Amid Holidays; Offers from CIS Nations Move Up

Amid prevailing holidays in China and Vietnam, global HRC export offers from major countries have remained unaltered this week. However offers from CIS nations have increased on supply concerns.

CIS Nations Increase HRC Export offers by USD 10/MT on tight supply-CIS nations have raised HRC export offers by USD 10/MT on weekly basis. Stronger domestic demand has forced suppliers to focus more on domestic sales squeezing the availability for exports.

Currently HRC export offers from CIS nations are prevailing in the range of USD 585-600/MT,FoB Black Sea.Previously the assessment was around USD 575-595/MT FoB Black Sea.

Also Chinese mills will remain inactive for one week to celebrate Lunar New Year holidays.Thus absence of Chinese suppliers from market have propelled the Russian mills to raise the prices both in domestic and export market. Manufacturers are reluctant to negotiate the prices over tight supply.

Absence of offers from Chinese steel mills amid Lunar New Year Holidays- Chinese HRC export offers remained unaltered this week owing to Lunar New Year Holidays which has started from 15th February’17.Chinese steel mills are officially on holidays from 15th Feb to 21th Feb.

However previous assessment commercial grade ASTM A36 export offers are prevailing in the range of USD 585-595/MT,FoB China.Payment are made on letter of credit basis for 1,000-10,000 MT.

Vietnam Imported HRC Offers remain steady amid Tet Holidays- Imported HRC prices remain unchanged against previous week amid Tet festival celebrated in Vietnam.

Last week major mills in China were offering around USD 600-610/MT CFR Vietnam basis.Also Indian based mill raised their export offers for Vietnam which is heard around USD 630-640/MT CFR basis, although no deals were reported.

South Korea HRC export offers remain unaltered – Korean mills have kept the HRC export unchanged this week.

Currently Korean mills are quoting HRC export offers at USD 665-670/MT CFR India for April shipments.This will be equivalent to USD 630 – 635/MT FoB basis. Although no major deals have been concluded yet.

Market participants shared that Korean mills have concluded few deals with Bangladesh in small quantities of 4,000-5,000 MT which is heard around USD 665-670/MT CFR Chittagong.

Global Flat Steel Export Offers-Week 8, 2018

Source SteelMint Research