Chinese HRC export offers fell significantly this week by USD 15/MT owing to bearish sentiments prevailing in the domestic market.As the domestic market weakened and prices started to retreat; Chinese market has shown signs of down trend in the global market.
Currently HRC export offers from China are heard in the range of USD 500-510/MT, FoB China. Last week export offers were hovering in the range of USD 525-535/MT, FoB basis.
Meanwhile HRC prices in China’s domestic market are heard in the range of RMB 3,670-3,740/MT(USD 528-538/MT).
Although buying activities remain sparse as the overseas buyers are adopting wait and watch approach. Overseas buyers are expecting further fall in export prices.
However, no major deals are concluded yet, except the deal from South America in the range of 500/MT, on FoB basis.
Chinese HRC export offers had shown upward trend from last four consecutive weeks on account of strengthening domestic market. Hence, Chinese exporters had became quite bullish and refusing to accept offers below domestic prices.
Indian HRC export offers at USD 520-525/MT, FoB India –
At present, Indian manufacturers are looking for export options as the demand in the domestic market continues to remain sluggish this week.
Although, current exports offers of HRC from India are assessed in the range of USD 520-525 /MT, FoB India, however no deals concluded. Last deals settled were at USD 510-515/MT, FoB basis.
Overseas buyers remain cautious over declining HRC export offers in China and owing to upcoming new year holidays have lessened purchases.
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