In raw materials, the downtrend was across the board as well. The Fe62% iron ore fines, CFR China, dropped the steepest, 11%, to $112/t ($126/t), while the premium HCC coking coal from Australia, CFR India, eroded 5% or $18/t to $314/t ($332/t). HMS 80:20 scrap, CFR Turkiye, declined by a steep $35/t or 8% to $380/t ($415/t) in the month under review. Weakened global demand for flat products dampened offers from China, India and other HRC exporting countries like Japan. Declining demand from Vietnam, China’s key exporting market in Southeast Asia, dulled the latter’s offers. Another key and emerging HRC guzzling region is the Middle East. But, here too buyers have retreated thanks to Ramadan, the holy month of fasting in the Islamic calendar. China’s own relentless slack home demand also pushed export offers lower. The expected turnaround in demand post-Lunar holidays did not materialise, disappointing mills in China and elsewhere. Leading mills Baosteel, Taiwan’s CSC and Tokyo Steel rolled over domestic prices in March.
