Indian Importers Book 20,000 MT HRC from Japan

Japanese steel mills have lowered their HRC export offers by USD 10/MT against SteelMint’s previous assessment. Few market sources shared that Japanese steelmakers has concluded a deal of 20,000 MT of HRC with India at around USD 645/MT CFR India for July shipments.

In the last deal heard for HRC booking to India was at USD 655/MT CFR India for June shipments.

Chinese HRC export offers inch up- Nation’s HRC export offers inched up slightly in the beginning of the week amid stability in domestic market.

Currently heard around USD 590/MT,FoB China. Payment are made on letter of credit basis for 1,000-10,000 MT.

Major mills in China were offering HRC export offers around USD 600-605/MT,FoB China.

Prices of HRC in the domestic market are gauged at RMB 4,260-4,290/MT (ex-works) in Eastern China and 4,170-4,190 /MT ( Northern China).

Market sources commented that HRC prices may gain momentum in domestic market owing to capacity cuts by few major mills in China.

CIS origin HRC export offers decline further by USD 10/MT- CIS origin HRC export offers moved down by USD 10/MT on weekly basis owing to Islamic holy month of Ramadan.

Meanwhile Turkey is holding presidential elections in the month of June.Also falling of Euro against USD coupled with USA tariff has lead to bearish sentiments in export market.

Currently HRC (2.5 mm S235 JR) export offers are heard around USD 535-555/MT FoB Black sea.However last week the prices stood in the range of USD 545-560/MT FoB basis.

Indian steel mills remain inactive for HRC exports- A major steelmaker in India is heard quoting HRC export offers for Vietnam around USD 610/MT CFR basis.Previously deals made were in the range of USD 605-610/MT CFR basis

Indian mills are currently focusing on domestic market rather than on exports over competitive pricing from major exporting nations.

Global Flat Steel Export Offers – Week 23,2018

Source- SteelMint Research