Global Flat Steel Market Overview – Week 52

Week 52 witnessed hike in HRC & CRC export offers from major countries like China, South Korea and India.

Indian steel mills raised HRC export offers-Indian steel mills have raised the HRC export offers in line with rising global flat steel prices.Indian HRC export offers are assessed USD 575-585/MT FoB India against last assessment of USD 550-570/MT,FoB .However no major deals have been concluded on increased price levels.

South Korea HRC export offers rise by USD 20-25/MT-South Korean HRC export rose significantly and revised offers are heard in the range of USD 580-585/MT FoB South Korea. Market participants mentioned that Korean mills are offering around USD 615-620/MT CFR India basis for Jan’18 shipments.However overseas buyers are bidding around USD 605/MT CFR basis which is difficult for Korean mills to accept.

Previously bookings have been made in range of USD 585-590/MT CFR basis in mid November.

Major Chinese steel mills hike HRC export offers -Major mills in China have announced their fresh HRC export offers amid fluctuation in futures and volatility experienced in nation’s domestic market. Baosteel & Wuhan Steel have raised domestic flat steel prices for Jan’18 deliveries.

Currently HRC commercial grade ASTM A36 export offers are prevailing in the range of USD 575-580/MT,FoB China.Last offers were heard in the range of USD 570/MT on FoB basis.Payment are made on letter of credit basis for 1,000-10,000 MT.

Major mills in China like Benxi iron & steel and Rizhao iron & steel mills are offering in the range of USD 585-590/MT FoB basis mills are reluctant to negotiate the offers with overseas buyers.

Prices of HRC in domestic market declined by RMB 30/MT D-o-D basis and are hovering in the range of RMB 4,280-4,300/MT (Eastern China) and RMB 4,280-4,300 (Northern China) including VAT & other taxes.

Vietnamese HRC import offers rose amid positive buying-Imported prices of HRC in Vietnam increases by USD 10/MT and are heard in the range of USD 570-580/MT CFR basis against USD 555-560/MT CFR basis assessed last week.

Global Flat Steel Export Offers-Week 52

Source-SteelMint Research
*including VAT