Global HRC Trade Updates – Week 15

Chinese HRC export offers firm- China’s HRC export offers remained firm this week post holidays. Despite upward momentum in domestic prices export offers remained on lower side amid thin trading.

Currently Chinese HRC price assessment is in the range of USD 575-605/MT,FoB China. Payment are made on letter of credit basis for 1,000-10,000 MT.

Prices of HRC in the domestic market are gauged at RMB 3,920-3,940/MT (ex-works) in Eastern China (up by RMB 30-40/MT D-o-D) and at RMB 3,890-3,910/MT (up by RMB 30/MT ) in Northern China.

Imported HRC offers to Vietnam inch up – Imported HRC offers from China moved up slightly by USD 10/MT D-o-D basis. Chinese mills have actively started exporting amid weaker buying in domestic market.

Major mills in China like Benxi Iron and steel is offering Imported HRC at USD 625/MT CFR basis, up by USD 5/MT against yesterday’s assessment of USD 615/MT.

Meanwhile Rizhao Steel is offering HRC at USD 620/MT CFR Vietnam against yesterday’s assessment which was at USD 615/MT CFR basis.

Offers from Korean mills remain on higher side-South Korean mills are offering HRC exports on higher side which is around USD 680-690/MT CFR for Indian mills.However Indian buyers are quoting bids on lower side which is around USD 640-650/MT CFR basis.However no major deals have been concluded.

Market participants shared that sentiments of domestic market in Korea remained bullish and thus currently mills doesn’t have higher appetite for exports to Indian market.Thus quoting the offers on higher side.

Indian HRC export offers remain unchanged-Indian HRC export offers remained unchanged as Indian steel mills are majorly focusing in domestic market.

Also,European Commission (EC) has initiated safeguard investigation on imports of steel products from countries like US, India etc.This will impact Indian market as Italy and Belgium are major destinations for Indian flat steel exports

Last HRC export offers were assessed in the range of USD 640-650/MT FoB India which is equivalent to USD 680-690/MT CFR Europe.

Global Flat Steel Export Offers-Week 15, 2018

Source-SteelMint Research