Weekly: Global HRC & CRC Market Overview 

Indian mills conclude HRC export deals at increased offers – Major Indian steel mills had raised HRC export offers by USD 10/MT last week for July deliveries. Currently, the offers stand at USD 430-435/MT CFR Vietnam which was USD 420-425/MT CFR a week back. Offers increased owing to strong futures in China and increased demand for HRC from major importing nations.

A private steel mill based in eastern India booked around 50,000 MT of HRC at USD 430-435/MT CFR basis for July deliveries. The deal has been concluded recently.

Indian HRC export offers increases to Nepal in a recent deal concluded– The govt. owned steel manufacturer booked around 2-3 rakes of HRC for exports at USD 415/MT (ex-plant) which translates to USD 430-435/MT CFR Raxual border, for end July shipments. A couple of weeks back, the company had booked around 15,000 MT HRC for Nepal at USD 385/MT ex-plant (equivalent to USD 405/MT CFR Raxual Border).

Vietnam: Formosa releases HRC offers for June deliveries
–Company has recently announced its pricing policy for June deliveries and offering HRC (skin pass) at USD 440/MT CIF basis and non-skin pass at USD 435/MT CIF basis. Thus these offers are on par with imported HRC offers from major exporting nations.

Imported HRC offers to Vietnam-
 –China- Rizhao Steel is offering HRC at USD 450/MT CFR basis.

–HRC (SAE 1006, 2mm), China- Benxi Steel is offering at USD 440/MT CFR basis. Previous offer- USD 430/MT CFR basis.

— Japan- Nippon Steel’s offer is at USD 435-440/MT CFR basis. Prior offer was USD 435/MT CFR basis.

–South Korea- Hyundai Steel is offering at USD 435/MT CFR basis. Previous offer- USD 430/MT CFR basis.

Chinese HRC export offers continue to move upwards-
 This week nation’s HRC export offers continue to move upwards and are hovering at USD 430-435/MT FoB basis up by USD 5-10/MT against last week.

However domestic prices remained moderate during two sessions of the National People’s Congress. Currently, domestic HRC prices stand at RMB 3,510- 3,530/MT in eastern China and RMB 3,470-3,480/MT in northern China.

Source – SteelMint Research