Global Flat Steel Market Overview – Week 42, 2019

Imported HRC offers to Vietnam continue to slump further – Imported HRC offers to Vietnam move down by almost USD 15/MT from major exporting nations following competitive offers from India and Russia. Meanwhile market sources based in Vietnam shared that traders are offering positioned cargoes to Vietnam at around USD 418/MT CFR basis for mid Dec shipments.

However major Indian steel mills have  hold their HRC export offers to Vietnam.Last offers were heard at around USD 430/MT CFR basis. Indian HRC export offers showed significant downturn owing to sluggish demand and slow buying activities prevailing in domestic market.

Current HRC offers to Vietnam- Week 42, 2019
1.HRC (SAE 1006) 2-3mm/ Chinese offers- Chinese steel mills are offering at USD 435/MT CFR Vietnam. Last week the offers was hovering around USD 450/MT CFR basis .

2. HRC (SAE 1006) 2-3mm/ South Korean offer- Hyundai steel offering at USD 435/MT CFR Vietnam.Last week the offers were around USD 450/MT CFR basis in previous week.

3.HRC (SAE 1006) 2mm/ Japanese offer- Nippon Steel is offering at USD 430 /MT CFR Vietnam.Last week offers was in range of USD 440-450/MT CFR basis.

4.HRC (SAE 1006, big coils) 2mm/ Russian offer- MMK Steel is offering at USD 410 /MT CFR Vietnam.Last week the offers were around USD 420-430/MT CFR basis.

5.Vietnamese major steel maker Formosa Ha Tinh is expected to revise its monthly HRC offers by the end of this week. Market sources are expecting a sharp price cut in its offers for this month.

Chinese HRC export offers remain downside- This week nation’s HRC export offers showed downtrend over moderate demand.Meanwhile buyers in Vietnam continue to bid on lower side.

Thus, currently nation’s HRC export price assessment is hovering around USD 450/MT FoB basis.Chinese mills are trying to secure orders on USD 440-450/MT FoB basis.

However competitive offers from other major exporting nations like Indian and Russia will make it difficult for Chinese steelmakers to export abroad.Also Chinese steel mills have reduced their HRC export offers to Vietnam by USD 15/Mt on weekly basis.

Prices in domestic market for HRC witness decline by RMB 50/MT and are hovering at RMB 3,530-,3550/MT (Eastern China).

Meanwhile pessimistic sentiments owing to intensifying China USA trade relations may lead to further downturn in Chinese steel prices in near term.

Global HRC & CRC Market Overview- Week 42, 2019

Source- SteelMint Research