Chinese HRC exports offers continues to rise further by USD 25/MT, W-o-W on account of bullish sentiments prevailing in the domestic market. However, Chinese manufacturers are increasing their export offers owing to gains in the domestic market.
Chinese HRC export offers have been showing up trend since past few months on the backdrop of higher production costs. HRC export offers have shooted up remarkably owing to better sales realizations in domestic market.
Currently HRC export offers from China are hovering in the range of USD 525-535/MT, FoB China. Last week offers were heard in the range of USD 495-505/MT, FoB basis. No major deals are settled yet.
Meanwhile HRC prices in domestic market continue to soar and have registered at RMB 3,940-3,980/MT which is equivalent to USD 566-572/MT.
Chinese market continues to be unstable since last week due to frequent fluctuations, leading to suspension of HRC export offers. Overseas buyers are looking for other alternatives as offers from China are considered to be too high for them.
However, offers from the South East Asian countries are heard in the range of USD 510-515/MT which is quite less to be accepted by Chinese manufacturers.
Indian HRC export offers move up further
Indian HRC export offers are assessed in the range of USD 520-525/MT,FoB India. Although Indian manufacturers have become quite active in the export market due to sluggish domestic demand and lower inventory levels in domestic market.
Indian steel market is currently facing the worst scenario due to scrapping of high valued currency causing cash crunch, resulting in demand slump and negatively affecting sales volume.
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