Chinese HRC Export Offers Fall Sharply Following Weaker Domestic Market Sentiments

Chinese HRC export offers have fallen sharply by USD 5-10/MT W-o-W amid falling prices domestic market.

Currently Chinese HRC price assessment is in the range of USD 590-615/MT,FoB China. Last week the offers were in the range of USD 620-625/MT,FoB basis.Payment are made on letter of credit basis for 1,000-10,000 MT.

However some major mills like Rizhao iron and steel are offering material in the range of USD 615-630/MT FoB basis.

Meanwhile prices in the domestic market are gauged at RMB 3,940-3,980/M in Eastern China (down by RMB 160/MT) W-o-W and RMB 3,880-3,900/MT Northern China.

Vietnam HRC import offers move down -Offers from Chinese steel mill – Rizhao is assessed around USD 630/MT, CFR Vietnam and that from Baosteel is assessed at around USD 650/MT, CFR.

However buying interest is seen in the levels of USD 635-640/MT, CFR Vietnam.

Indian HRC export Offers remain unchanged -Indian HRC export offers remained stable amid slow buying from European buyers.As per market participants European buyers have adopted wait and watch mode in the wake of announcement of Section 232 anti circumvention case on USA flat steel imports by President Donald Trump.

Currently HRC export offers from India are heard to be in the range of USD 700-705/MT CFR Europe.This will be equivalent to USD 660-665/MT FoB India.

CIS nations raises HRC export offers by USD 20/MT- CIS nations have again raised the flat steel prices by USD 20/MT in line with increased offers in domestic market.

Currently HRC export offers from CIS nations are prevailing in the range of USD 610-625/MT,FoB Black Sea.However as per previous week price assessment was in range of USD 590-625/MT FoB Black Sea.

Global Flat Steel Export Offers-Week 11, 2018

Source-Steelmint Research