Japanese, South Korean, and Chinese HRC exporters are consistently increasing prices and increased price by USD 5-10/MT in a week, despite of slack HRC demand in market.
Exporters of above countries have raised prices over stable iron ore prices and are predicting market to pick up in September and have favorable domestic market conditions.
Stable Japanese domestic market is also favorable for Japanese sellers. Tokyo Steel is offering 2 mm HRC grade SPHC made to JIS G3131 at USD 631/MT (JPY 62/kg, $1 = JPY 98.33) EXW, excl. 5% VAT, which is unchanged from a week ago.
South Korean exporter announced to increase price of HR coils which continue trending upwards. 2 mm HRC grade SAE1006 have grown by USD 10/MT in a week to USD 580-590/MT FOB. Buyers' bids do not exceed $570-580/t FOB ($590-600/t CFR South East Asia). This level is based on offers of Indian material to South East Asia ($595-600/t CFR).
Chinese HRC price for same grade have also increased by USD 5-10/MT to USD 580-590/MT FOB due to higher cost of raw material and traders are increasing their stock which is expected to boost demand in September.
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