Indian Importers Book 20,000 MT HRC from Japan

SteelMint learned from market participants that Indian importers have booked around 20,000 MT of HRC (2 mm) last week for end May or early June shipments . As per trade sources, the deal price is heard around USD 655/MT CFR India and the material has been booked from Japan’s Nippon Steel .

Last month few import bookings of HRC have been made from South Korea also which was assessed around USD 660/MT CFR basis for May -June shipments.

Thus Indian mills have started importing HRC from major exporting nations owing to limited supply and less inventories in the domestic market

Chinese HRC export offers inched up over gains in domestic market- China’s HRC export offers increased by USD 5-10/MT amid bullish sentiments prevailing in futures market post labour day holidays.This resulted Chinese HRC prices in domestic and export market to increase.

Currently Chinese HRC price assessment is in the range of USD 590-615/MT,FoB China.Payment are made on letter of credit basis for 1,000-10,000 MT.Last week the offers stood at USD 585-605/MT FoB China. Major mills in China have kept HRC export offers on higher side which is around USD 615/MT FoB basis.Thus buyers are currently observing the sentiments before making any fresh bookings in the market.

Prices of HRC in the domestic market are gauged at RMB 4,160-4,200/MT up by RMB 50-60/MT D-o-D basis (ex-works) in Eastern China and RMB 4,080-4,100/MT up by RMB 110/MT (Northern China).

Imported HRC offers to Vietnam inched up slightly- Major mills in China have raised their offers amid gains in domestic market.This results to increase in offers for imported HRC by USD 5-10/MT to Vietnam.

Currently Benxi Iron and Steel Mill is offering imported HRC (SAE 1006) to Vietnam at around USD 627/MT CFR Vietnam .Last week the same offers stood at USD 620/MT CFR basis.

However Rizhao Iron and Steel Mill is offering HRC ( SAE 1006) at USD 620/MT CFR Vietnam which was USD 615/MT,CFR last week. Similarly Arcelor Mittal from Brazil offered at USD 620/MT, CFR.

CIS origin HRC export offers decline marginally – CIS origin HRC export offers move down by USD 5-10/MT this week owing to limited buying activity.

Currently HRC (2.5 mm S235 JR) are heard around USD 580-595/MT FoB Black sea.However last week the prices stood in the range of USD 590-600/MT FoB basis.

Latest offers of HRC from Ukraine is around USD 610-615/MT CFR Turkey.This will be equivalent to USD 590-600/MT FoB Ukraine.

Global Flat Steel Export Offers-Week 18, 2018

Source-SteelMint Research