- Indian mill concludes HRC deal to UAE
- Chinese HRC offers increase as RMB gains against $
- HRC offers to Vietnam, Pakistan higher
Indian steel mill books 30,000 t HRC to UAE at higher price-
Indian steel mill reported to have booked 30,000 t of HRC to UAE at around $475/t CFR for end Aug and early Sep shipments,SteelMint learned from its channels.
Recently Indian mills raised their export offers by $10-15/t on account of improved domestic and export demand.
Prior to this, Indian HRC export offers stood at $ 460/t CFR basis for Aug shipments
Chinese HRC export offers surge by $20/t
Chinese steelmakers increased their export offers by $20/t on improved demand in the domestic market. Also, appreciation of RMB vs USD increased dollar-denominated export values.
Pakistan importers may prefer Chinese HRC despite higher prices, further supporting Chinese export prices.
Export offers are currently at $475-480/t FoB China basis, which was $455-460/t FoB basis a week ago.
Domestic HRC prices also rose by RMB 10/t to 3,880-3,990/t (Eastern China) on a d-o-d basis.
CIS-origin HRC export offers up by $5-10/t
HRC export offers from the CIS countries increased amid limited inventories and higher slab prices.
Key CIS HRC importers had made active bookings over the past few weeks and currently do not have much appetite for fresh purchases.
CIS offers were at $400-415/t FoB Black Sea compared with $395-410/t a week ago.
Imported HRC offers to Pakistan up by $15/t
Imported HRC offers to Pakistan from Taiwan were heard at around $485/t CFR Pakistan for smaller parcels. Japan and South Korea are expected to make export offers soon.Last deals from South Korea was reported at $450-460/t CFR Pakistan for August shipments.
Imported HRC Offers to Vietnam up by $15/t-
Imported HRC prices have further increased by $5-10/t from all major exporting nations. Also Formosa Ha Tinh – Vietnam’s largest domestic steel mill – has announced a hike of $10/t in its domestic HRC offers for Sep’20 deliveries. Current Formosa HRC (SAE 1006, skin pass) offer was at $465/t on a CIF equivalent basis and non-skin pass offers were at $460/t.
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