Chinese HRC Export Offers Up Over Rising Domestic Prices

Chinese HRC export offers have moved up further by USD 10-15/MT W-o-W amid increase in Chinese domestic steel prices.

Presently HRC export offers from China for Jan/Feb’17 shipments are heard to be in the range of USD 495-505/MT, FoB. HRC export offers in China have increased by USD 10-15/MT on weekly basis. Last week offers were seen in the range of USD 485-495/MT, FoB China.

Chinese HRC exporters have raised offers on the backdrop of increase in domestic HRC prices. Domestic HRC prices in Shanghai increased USD 22-28/MT W-o-W, to USD 543-546/MT (ex-warehouse).

However, as per reports no deals have been concluded as overseas buyers have kept themselves away from buying material at such high prices.

Indian HRC export offers move up – Last week an east India based steelmaker concluded an HRC (re-rolling grade) export deal to Vietnam at USD 500-505/MT, CFR (nearly USD 485-490/MT, FoB). However this week Indian HRC export offers have increased and are heard to be in the range of USD 505-510/MT, FoB India.

Japanese HRC export offers under pressure – HRC export offers from Japan which were earlier prevailing at USD 520-530/MT, FoB have fallen this week. As per trade sources report to SteelMint, last week few HRC export deals from Japan have been concluded to Bangladesh at USD 510-520/MT, CFR Bangladesh.

As per market sources report, no firm HRC export offers were heard from South Korea.

HRC export offers as on 12 Dec’16

Source-SteelMint Research