- 30,000 t of Chinese HR steel to enter Korea after govt announces AD duty
- Leading Indian mill receives inquiries for HRC from South Korea
Steel Daily: Offers for hot-rolled steel from Southeast Asia, which had virtually ceased since April, have reappeared after about two months. According to industry sources, an Indonesian mill submitted an offer for hot-rolled coil (SS400, 3-11.9 mm) on 24 June destined for Korea at $555/t CFR. The delivery date is 10 September and patterned steel sheets were offered at $570/t CFR.
However, subject to the final approval conditions, “the order may be cancelled if wiring volume or orders are insufficient,” an industry official directly associated with imports said. “Considering that recent offer prices from Chinese mills to Korea are around $560/t, this offer is not very competitive in terms of price,” he added.
“However, given that the current domestic import distribution price is in the low KRW 900,000/t range, and considering the exchange rate, profitability is somewhat ambiguous. We will have to wait and see a little longer how many actual contracts will be concluded,” he added.
Last April, major suppliers in Vietnam, Indonesia, Malaysia, and other countries made almost no offers to Korea, and even the prices offered were at the level of $580/t CFR, which effectively showed no intention to sell.
Incidentally, ahead of the formulation of the AD duty and the MIP mechanism, one leading Indian steel mill has received inquiries from South Korean buyers for HRC, as per latest available information with BigMint.
Meanwhile, following the government’s promulgation of the ‘Rules on the Imposition of Anti-Dumping Duties on Hot-Rolled Carbon Steel and Other Alloy Steel Products from Japan and China’ on 23 June, industry sources predict that approximately 30,000 t of Chinese hot-rolled steel will enter the domestic market during June at a price of $565-570/t CFR.
The article is published as part of a content sharing agreement between Steel Daily and BigMint
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