China’s steel market has become quite unpredictable as it is drifting in the subtle direction. Again, Chinese manufacturers have raised the HRC export prices by USD 5-10/MT, W-o-W basis owing to surge in domestic HRC prices.
Chinese market is showing uptrend this week as the situation of stalemate between buyers and sellers continues to prevail in the domestic market.
Current HRC export offers from China are hovering in the range of USD 485-495/MT, FoB China. By far no major deals have been concluded yet.
Whereas, prices in domestic market rose by RMB 100-120 (USD 10-15/MT) and are assessed in the range of RMB 3,560-3,620/MT equivalent to USD 517-526/MT.
Buying activities remain sparse as the overseas buyers are turning towards Japan and Indian export offers as the prices of HRC are comparatively higher in China.
HRC import offers to India remain less attractive amid high prices-
HRC import offers to India dried up as it continues to show volatility and boost in import prices. Currently, Chinese HRC import offers to India is at USD 500/MT, on CFR basis will be assessed at USD 658/MT (inclusive of all taxes).
On the other hand, domestic HRC prices in India remain cost effective than imported price.
Global HRC Offers:
CIS- Origin HRC export offers are hovering in the range of USD 480-495/MT,FoB Black sea. These countries are following the trend of China and raising the prices.
Whereas HRC export offers from India remain steady this week and are heard to be in the range of USD 505-510/MT,FoB India. However no major deals are being heard in the market.
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