Chinese HRC export offers have started to decline by USD 15-20/MT owing to weak market sentiments spread in the domestic market.Softening of global demand and dull buying activities from overseas buyers results to falling export prices in China.
Currently HRC export offers are prevailing in the range of USD 430-435/MT, FoB China. Last week the offers were heard in the range of USD 440-450/MT,FoB China.
Meanwhile prices of HRC in domestic market are heard in the range of RMB 3,120-3,150/MT including VAT & other taxes.
Major Chinese mills are also offering HRC in the range USD 430-440/MT, FoB .However some deals have been heard from South East nations in the range of USD 420-430/MT.
Market participants highlighted that mills may go for maintenance shutdown in Jun or Jul period, might support HRC prices which are likely to remain stable in the near term.
Although Chinese mills have decided to trim the production of flat steel and increase the production of long steel since the latter inculcates higher profit margins.
CIS-Origin HRC Export Offers Remain Unaltered
CIS-nations HRC export offers remain consistent this week and are hovering in the range of USD 430-440/MT, FoB Black Sea. Last week the offers were on the similar levels.
Indian HRC export Offers Stable-
Indian steelmakers kept the HRC export offer stable this week over thin trading.Indian HRC export offers are heard in the range of USD 480/MT CFR Vietnam,which is equivalent to USD 460-465/MT FoB India.
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