Chinese HRC Export Offers Stable Ahead Holidays

China’s HRC export offers remain largely stable owing to stability in domestic prices and four day long holidays. Chinese steel mills are on festive holidays from 5th April on the occasion of Tomb Sweeping Festival

Currently Chinese HRC price assessment is in the range of USD 580-600/MT,FoB China.Payment are made on letter of credit basis for 1,000-10,000 MT.

Major mills in China are offering HRC export offers at USD 590-600/MT FoB China.

Prices of HRC in the domestic market are gauged at RMB 3,850-3,900/MT (ex-works) in Eastern China (down by RMB 20/MT D-o-D) and at RMB 3,840-3,870/MT ( down by RMB 10/MT ) in Northern China.

It is anticipated that post holidays prices may increase in the domestic market.

CIS origin HRC export offers drop marginally-CIS nations witnessed marginal drop in HRC export offers over dull buying.Traders have adopted wait and watch mode and are expecting further decline in prices.

Currently HRC export offers from CIS nations are assessed at USD 600-620/MT FoB Black Sea.

Russian HRC exporters have hold the material for April shipments since they are waiting for clear outlook in export market.

Imported offers of HRC to Vietnam increase marginally- Imported offers of HRC to moved up marginally by USD 5/MT from China.

Major mills in China like Benxi Iron and steel is offering Imported HRC at USD 625/MT CFR basis, up by USD 5/MT against USD 620/MT heard in the beginning of the week.However end users are bidding on lower side which is around USD 618-620/MT CFR basis

Meanwhile Rizhao Steel is offering HRC at USD 615-620/MT CFR Vietnam and Shandong Steel is offering at USD 610/MT CFR basis

Indian HRC export offers remain stable-Indian HRC export offers remained unchanged. European Commission (EC) has initiated safeguard investigation on imports of steel products from countries like US, India etc. Market participants expect that this will impact Indian market as Italy and Belgium have remained 2nd and 3rd destinations for Indian flat steel exports in CY17 respectively.

Last HRC export offers were assessed in the range of USD 640-650/MT FoB India which is equivalent to USD 680-690/MT CFR Europe.

Global Flat Steel Export Offers-Week 14, 2018

Source-SteelMint Research