Chinese HRC export offers witnessed the down trend this week on account of bearish sentiments spread in Chinese domestic market. Weakening China’s domestic steel market has put the HRC export offers under pressure in the global market.
Currently HRC export offers from China are hovering in the range of USD 485-490/MT, FoB China. However last week the offers were prevailing in the range of USD 490-500/MT, FoB basis.
Meanwhile, HRC prices in China’s domestic market are assessed in the range of RMB 3,290-3,310/MT.
Market participants mentioned that buying interest remains weak amid dull demand prevails in the domestic market. Overseas buyers remain inactive as they are expecting further fall in HRC export prices. However no major deals are yet to be concluded.
CIS-Countries HRC Export Offers Fall on Dull Demand
CIS-Origin HRC export offers decline by USD 5-10/MT owing to softening of demand in the global market. Current export offers are heard to be in the range of USD 480-495/MT,FoB Black sea. Whereas, last week the offers were heard in the range of USD 490-500/MT.
Indian steel-makers continue to hold HRC export offers
Indian manufacturers have hold HRC export offers owing to scarcity of inventories in the domestic market. Indian exporters have made excess of exports in the last two consecutive months in the backdrop of lacklustre demand prevailed in the domestic market.
As a result, Indian flat steel market is suffering from supply crunch leading to stability of export offers in the global market.
Current HRC export offers from India are hovering in the range of USD 490-500/MT FoB India. However, the deals in small quantities have been made to Vietnam and Europe on FoB basis.
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