Global HRC & CRC Market Overview

Chinese HRC export offers move up marginally-

— After remaining stable for the past two consecutive weeks, the Chinese HRC export offers moved up slightly by USD 5-10/MT on the back of decent gains and improved demand in the domestic market. However, export offers from India and Japan continued to remain competitive.

— Thus, the current HRC export offer stands at USD 405-410/MT FoB China as compared to USD 400-405/MT FoB basis in the last week.

— Meanwhile, SteelMint from its authentic market sources learned that a major Russian manufacturer has booked 2 vessels of HRC to China this week at USD 390/MT CFR basis for July shipment.

–Before this, in the previous week, Indian steel mills had collectively booked 2, 25,000 MT HRC to China and Vietnam at USD 388-390/MT CFR basis.

— However, the domestic HRC prices stood at RMB 3,390-3,400/MT (eastern China), up By RMB 10/MT.

Indian steel mills raise HRC export offers-

–Major Indian mills have raised their HRC export offers amid decent bookings concluded with Vietnam and China.

–At the beginning of the week, an Indian manufacturer has booked a small parcel of HRC for exports at USD 400/MT CFR Vietnam.

–Meanwhile, current offers are being heard at around USD 400-405/MT CFR Vietnam basis (around USD 385/MT FoB basis).

–Low demand in the domestic market owing to the extended lockdown until 17th May has propelled mills to export to overseas nations.

Imported HRC offers to Vietnam witness uptick-

— HRC (SAE 1006, 2mm), China- Benxi Steel is offering at USD 410/MT CFR basis. The prior offer was USD 405/MT CFR basis.

— HRC (SAE 1006, 2mm), South Korea- Hyundai Steel’s offers stood at USD 415/MT CFR basis. Before this, the offers stood at USD 410/MT CFR basis.

— HRC (SAE 1006, 2mm), Japan- Nippon Steel is offering USD 415-420/MT CFR basis.

— HRC (SAE 1006,2mm), Russia- MMK Steel is offered at USD 385-390/MT CFR basis.

CIS origin HRC export offers remained stable-

— This week, CIS origin HRC export offers remained largely stable at USD 350-360/MT FoB Black Sea owing to weak demand. The last offers were at USD 350-365/MT FoB basis.

Pakistani importers book HRC from China-

— SteelMint in a recent conversation with reliable participants in Pakistan has learned that imported HRC offers to Pakistan from China have increased. The current offer from Chinese mills stands at USD 430/MT CFR basis, which was USD 410/MT CFR basis a week ago.

— Further, offers from South Korea also were in line with that of China. However, it is anticipated that offers from Japan and Taiwan could be issued next week and stand around USD 420/MT CFR basis.

— Meanwhile, sources also shared that a re-roller mill has issued an inquiry for 20,000 MT HRC.

Source: SteelMint Research