Chinese HRC Export Prices Hit 4-Months Low

Chinese HRC export offers continued to remain on  downside following decline in domestic prices.Currently nation’s HRC export offer declined by USD 5-10/MT and was assessed at around USD 495-505/MT FoB basis. Last week the offers stood at USD 500-505/MT FoB basis.

Nation’s HRC export offers hit 4 months low. Similar offers were last seen in the month of Feb’19 at USD 490-495/MT FoB China.

Meanwhile domestic HRC prices in China fell by RMB 20-30/MT and is hovering at RMB 3,810- 3,830/MT D-o-D basis in eastern China (Shanghai).

And prices at Northern China fell by RMB 50/MT and stood at RMB 3,740-3,750/MT in Northern China (Tangshan).

Imported HRC Offers to Vietnam slump further- Imported HRC offers to Vietnam slump further over dull trades and higher inventory levels among end users.

Meanwhile domestic steel producer Formosa Ha Tinh will announce revision in its monthly steel prices by the end of this week.Last offers of HRC (SAE 1006,skin pass) is at USD 541/MT CFR Ho Chinh Minh.

Current HRC trades to Vietnam – Week 24, 2019
1.HRC (SAE 1006) 2-3mm/Chinese offer- Rizhao steel is at USD 495/MT CFR Vietnam.

2.HRC (SAE 1006) 2-3mm/Chinese offer- Laiwu Steel is at USD 495/MT CFR Vietnam.

3.HRC (SAE 1006) 2-3mm/Indian offer- JSW Steel is at USD 505/MT.

4.HRC (SAE 1006) 2-3mm/Indian offer- Tata Steel is at USD 500/MT.

5.HRC (SAE 1006) 2-3mm/Japanese offer- Nippon Steel is at USD 535/MT.

6.HRC (SAE 1006) 2-3mm/MMK steel HRC (big coils) is at USD 495/MT.

CIS-origin HRC export offers remain stable post Eid holidays-This week CIS HRC export offers firm as the market remained mute post Eid holidays.

Thus currently CIS- origin HRC export offers stood in range of USD 475-490/MT FoB Black Sea. In previous week offers stood at similar levels.

Market remains lull as buyers in Turkey remained on week long holiday.This resulted to steady offers of HRC from CIS nations

Global HRC Trade Market Overview – Week 24, 2019

Source- SteelMint Research