Chinese HRC Export Offers Rebound Amid Higher Domestic Prices

Chinese HRC export offers have started to retreat over gains in domestic market.Also strengthening billet market contributed to higher HRC export offers from China.

Nation’s HRC export offers edge up by USD 5-10/MT W-o-W basis as the prices started to show hike in the domestic market. In addition to this upward movement in billet prices in turn brings the positive sentiments for HRC prices in domestic market.

Meanwhile, in futures market also shown the rise which contributes to the hike in HRC prices.

Currently HRC commercial grade ASTM A36 export offers are prevailing in the range of USD 550-560/MT, FoB China.Last offers are heard in the range of USD 545/MT on FoB basis.Payment are made on letter of credit basis for 1,000-10,000 MT.

Prices of HRC in domestic market also observed the rise by RMB 10/MT D-o-D and are hovering in the range of RMB 4,130-4,160/MT (Eastern China) and RMB 4,110-4,130 (Northern China) including VAT & other taxes.

Major mills in China are offering in the range of USD 560/MT FoB basis .However traders in domestic market are selling at USD 550/MT, FoB.

Today billet prices are heard in range of RMB 3,870/MT (ex-works) up by RMB 150/MT W-o-W basis against RMB 3,720/MT (ex works) in previous week’s closing.

CIS origin HRC exports offers decline by USD 5-10/MT-CIS nations HRC export offers move down by USD 5-10/MT and are heard in the range of USD 515-545/MT, FoB Black Sea which was previously heard in range of USD 530-550/MT, FoB.

Indian HRC export offers remain unchanged-According to the latest assessment, Indian HRC export offers remain unaltered and are heard around USD 540-545/MT, FoB India. Indian steel mills are heard offering HRC at USD 550-560/MT, CFR Vietnam. However they are quoting slightly higher at USD 600/MT CFR Europe but buying remained weak over upcoming holiday scheduled in Europe.

Global Flat Steel Export Offers-Week 47

Source-SteelMint Research
*including VAT