South Korean mills hike HRC export offers- As per recent update received from market sources that a major Korean steelmaker has raised HRC export offers by around 25-30/MT to India for April shipments.
Thus Korean mills are offering HRC export offers to India at around USD 590/MT CFR basis for April shipments.However no major deals have been concluded yet. Previously, the offers for imported HRC from Korea was in range of USD 560-570/MT CFR basis.
Surge in raw material prices along with higher HRC offers from major exporting nations pushed up HRC export offers from Korea.
Chinese HRC export offers up marginally- Nation’s HRC export offers continue to move in upward direction following increase in domestic prices.Also improved buying both in domestic and export market also keep prices supported in Chinese market.
Currently nation’s HRC export offers are assessed at around USD 535-540/MT FoB basis.However in the beginning of the week HRC export offers stood around USD 525-530/MT FoB China.
Domestic prices in eastern China (Shanghai) moved up by RMB 50/MT D-o-D basis and stood at RMB 3,840-3,860/MT.
Meanwhile prices at Northern China up by RMB 20/MT and stood at RMB 3,760-3,780/MT D-o-D basis in Northern China (Tangshan).
CIS-origin HRC export offers decline this week – This week CIS nation’s HRC export offers decline by around USD 20/MT this week over weak buying from Turkey based importers.
Currently offers are in the range USD 500-520/MT FoB Black Sea. Last week CIS nations HRC export offers stood at USD 520-530/MT FoB basis.
Indian steel mills hold HRC export offers- Major Indian steel manufacturers have kept HRC export offers on hold for April shipments since they are focusing actively in domestic market.
Few days back one of the major Indian steel mills is offering HRC to Vietnam at around USD 560/MT CFR basis. But no major deals has been concluded yet as buyer in Vietnam are eyeing for lower HRC offers.
Imported HRC offers to Vietnam – This week imported HRC offers from China remain firm.Currently imported HRC offers to Vietnam is around USD 550-555/MT CFR basis.
Meanwhile domestic producer Formosa ha Tinh will be revising its HRC prices shortly for April- May shipments.
Global HRC Market Overview – Week 11,2019
| Particulars | Currency | Prices |
| HRC,FoB China | USD/MT | 535-540 |
| CRC,FoB China | USD/MT | 555-560 |
| HRC,FoB Black Sea | USD/MT | 500-520 |
| CRC,FoB Black Sea | USD/MT | 555-560 |
| HRC,CFR Vietnam from China | USD/MT | 550-555 |
| HRC,CFR Vietnam (Formosa Offers,skin pass) | USD/MT | 535 |
| HRC,CFR Vietnam from India | USD/MT | 560 |
| HRC, CFR India from Korea | USD/MT | 590 |
Source – SteelMint Research
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