A west India-based private steel manufacturer concluded an export deal to UAE at a significantly higher price this week, prompting other producers to lift export offers.
The company booked around 26,000 t of HRC on Sunday to the UAE at $525-530/t CFR basis for Sep loading, sources told SteelMint.
Indian HRC export offers have increased by $17/t this week after conclusion of the UAE deal.
The West Indian company is offering HRC to Vietnam at $520/t CFR basis for Sep loading. The same mill had booked 30,000 t HRC for Sep-loading at around $503/t CFR, Vietnam last week.
Chinese mills raise HRC export offers by $10-15/t
Chinese steel manufacturers have further raised their HRC export offers by $10-15/t on higher domestic prices.
Current HRC export offers were at $ 505- 515/t FoB China. Last week, the offers were in the range of $490-505/t FoB basis.
Major steel mills are less interested to take orders at lower prices amid optimistic sentiments in the domestic market.
Meanwhile, domestic HRC prices stood around RMB 4,050-4,060/t (Eastern China) against RMB 4,060-4,070/t in the preceding week. Prices are inclusive of 13% VAT.
Imported HRC offers to Vietnam surge
HRC offers to Vietnam increased by $20/t amid higher offers from major exporting nations. Current offers are in the range of $500-515/t CFR basis.
Meanwhile, Formosa Ha Tinh, Vietnam’s largest domestic steel mill, is likely to increase HRC prices, following a hike in imported HRC offers from major exporting nations.
Indicative offers are likely to be in the range of $ 505-515/t CFR basis for Oct shipments.
However, an official announcement is still awaited. Last month the company announced a hike of $10/t and offered HRC (SAE 1006, skin pass) at a $465/t CIF basis for Sep deliveries.
Imported HRC offers to Pakistan increase from South Korea
A South Korean mill is reported to have raised their HRC offers to Pakistan for Sep end /Oct shipments, SteelMint learned from local importers. Korean mills are eyeing a price level of $510-515/t CFR Pakistan for a base grade. The last deal done in Pakistan was by a Turkish mill at $485/t CFR.
Imported HRC offers increase to Bangladesh from South Korea
South Korean mills have raised their HRC export offers to Bangladesh for early Oct shipments. Current offers are hovering at $520-525/t CFR Bangladesh. Bangladesh imports around 1 mn t HRC annually.
CIS countries raise HRC export offers up by $25/t
CIS countries further raised HRC export offers by $25-30/t following hike in global prices.Currently, offers are at $460-480/t FoB Black Sea compared with $435-445/t FoB basis a week ago.
Global HRC & CRC offers mentioned below:
Source – SteelMint Research
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