Amid weak buying interest from overseas buyers, China’s HRC and CRC offers have registered a fall of USD 5/MT this week.
Current offers for HRC (A36) are assessed at USD 325-330/MT, FoB China. Whereas CRC (SPCC grade) offers are at USD 380-385/MT, FOB basis.
Few sellers with export target have lowered down their export prices this week, whereas few are currently focusing on domestic market due to better profitability.
The sentiments in China’s domestic market have improved with the start of this week due to positive news on supply end including merger of Baosteel and Wuhan Steel, expected production cuts up to 45 MnT by 2017, drop in country’s crude steel output rates, and Shagang and Benxi’s maintenance plans.
Global Offers
HRC offers from CIS countries are heard at USD 370/MT, FoB Black Sea. Whereas CRC offers are at USD 420-430/MT, FoB Black Sea.
Korean and Japanese HRC offers are being heard at higher rates at USD 420-425/MT, FoB basis on account of higher quality steel being offered by both the countries.
India’s HRC export offers were heard at USD 405-410/MT, FoB India last week and no change in prices have been heard yet.
Leave a Reply