1. Chinese steel futures (HRC- Ex Shanghai) dropped RMB 167 post holidays. Futures markets have weakened post week long holidays. Today, Shanghai futures for Hot Rolled coil for January was at RMB 3,869/MT.
2. Chinese domestic HRC prices have fallen by RMB 90 (USD 14) since beginning of this week. Prices of 2.75 mm HRC in Shanghai is today assessed at RMB 4,160/MT (including 17% VAT).
3. Chinese export offers are presently assessed in the range of USD 550-560/MT,FoB China which was heard at USD 560-570/MT on FoB basis last week.
4. Some Chinese mills cut HRC export offers to Vietnam. China’s Rizhao steel has cut their offers to USD 575/MT CFR Vietnam for SAE 1006 grade according to local traders.
5. China’s Benxi was heard offering at USD 595/MT CFR, but Vietnam based traders expect prices may fall in line with future prices. Also,Xinyu and Magang offers SAE 1006 grade re-rollable grade HRC at USD 570/MT CFR Vietnam.
6. Market participants mentioned that Indian HRC export offers heard at USD 590/MT CFR Vietnam. Recent HRC export offers from India are heard to be in the range of USD 570/MT FoB basis which is equivalent USD 590/MT, CFR Vietnam.Indian mills prefer to wait and watch for some direction.
7. Japanese HRC exports offers are assessed at USD 625-630/ MT CFR Bangladesh.However no firm offers from Korean mills but offers levels are assessed at USD 635-640/MT CFR Bangladesh.
8. Iran HRC offers remained unchanged. 2 mm HRC was seen trading at USD 686/MT (including 9% VAT).
9.China’s major steel giant Baosteel has kept the flat steel prices unchanged for Nov deliveries.
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