Chinese HRC export offers gained momentum this week by USD 15/MT amid positive sentiments prevailing in the domestic market.Chinese mills have raised the HRC export offers by USD 35-40/MT in last four consecutive weeks over further gains in domestic market.
Currently HRC commercial grade ASTM A36 export offers are prevailing in the range of USD 465-475/MT, FoB China. Last week the offers were heard in the range of USD 450-460/MT,FoB China.Payment are made on letter of credit basis for 1,000-10,000 metric tonnes.
Meanwhile prices of HRC in domestic market are heard in the range of RMB 3,560-3,590/MT including VAT & other taxes.
Major Chinese mills are also offering HRC in the range USD 480-485/MT,FoB basis.However,some deals have been concluded with Vietnam in range of USD 465/MT and with South Korea at USD 470/MT on FoB basis.
Furthermore,overseas buyers are quoting export offers which are comparatively less than Chinese export offers leading to weak trading activity in global market.
India Mills are Holding HRC Export Offers this week
Indian exporters have hold the HRC export offers this week on rising Chinese material prices.As per sources major steel players in India have sold nearly 2.5-3 lakh tonnes of HRC in last few days for Jul and mid Aug shipments.They have now closed the bookings.
Currently HRC (IS 2062) export offers are heard in the range of USD 470-473/MT CFR Vietnam,which is equivalent to USD 460-465/MT FoB India.However no bookings have been concluded yet.
CIS-Origin HRC Export Offers Up by USD 5/MT–
Following the trend of Chinese steel mills,CIS-nations have also raised the HRC export offers this week by USD 5/MT and are hovering in the range of USD 450-460/MT, FoB Black Sea. Last week the offers were in the range of USD 445/MT,FoB basis.
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