Global HRC Market Overview – Week 6, 2019

Chinese HRC export offers unchanged amid Lunar New Year Holidays- Chinese HRC export offers have remained unchanged this week as major mills are not offering in the market amid ongoing Lunar New year holidays scheduled from 4-10th Feb’19.Meanwhile most of the traders have stopped taking orders amid festive holidays.

Currently nation’s HRC export offers are assessed at around USD 495-497/MT FoB basis.

Meanwhile prices in domestic market also remained unchanged this week.Domestic prices in eastern China (Shanghai) is hovering at RMB 3,780-3,800/MT.However prices in Tangshan remain stable and are heard at RMB 3,720-3,740/MT. Ex-factory including 17% taxes.

However Chinese steel prices is anticipated to increase post New year holidays.

Absence of HRC offers to Vietnam amid Tet holidays: This week imported HRC offers to Vietnam remained inactive ahead of week-long Lunar New Year holidays in China in first week of February.

Meanwhile Vietnam New Year Tet holidays is also scheduled in similar dates resulting in mute trades.

Last offers for imported HRC to Vietnam from Chinese mills was in the range of USD 495-515/MT CFR basis. However no active HRC offers were heard from major Chinese mills.

CIS-origin HRC export offers edges up over limited supply- CIS origin HRC export offers edge up USD 10-15/MT this week amid limited supply.

Russian based Magnitogorsk Iron & Steel Works (MMK) is offering limited material in market due to modernization of one of the rolling line of HRC which pushes HRC export offers further.

Currently offers are in the range USD 460-480/MT FoB Black Sea. Last week CIS nations HRC export offers are hovering around USD 440-460/MT FoB basis.

Indian HRC export offers to Vietnam up marginally- Indian HRC export offers for Vietnam have edged up slightly this week to USD 515-520/MT, CFR Vietnam, however deals were not reported .

Global HRC Market Overview – Week 6,2019

Source- SteelMint Research