With the beginning of this week, SteelMint learned that Indian steel mills have raised their HRC export offers to Vietnam by USD 10/MT for Jan shipments.
Market sources shared that, “Indian manufacturers have raised HRC export offers amid upside in domestic steel prices. Also, they are eyeing for a further increase in offers in the back of active export bookings to Vietnam.”
Currently Indian HRC export offers to Vietnam stood at USD 450-455/MT CFR Vietnam, as compared with USD 445-450/MT CFR basis a week ago. However, no bookings have been reported yet at these offers.
In line with this, Chinese steel mills have also increased their HRC export offers which are around USD 450-455/MT FoB China. Meanwhile, major steel mills are offering around USD 460/MT FoB basis. Last week the offers were in the range of USD 440-445/MT FoB basis.
Market sources from China shared that, “Chinese steel mills witnessed a sudden increase in their export bookings ahead of New year holidays which resulted to a rapid surge in HRC export offers for Dec shipments.”
In addition to this, towards the end of last week, Vietnam’s domestic integrated steel producer Formosa Ha Tinh increased its prices for all products in Hot rolled category by USD 10/MT for Jan’20 deliveries.
Current HRC offers to Vietnam- Week 47, 2019
1. HRC (SAE 1006) 2mm, Japanese offers- Nippon steel offers stand at USD 450/MT CFR basis.
2. HRC (SAE 1006) 2mm, South Korean offers- Hyundai steel is offering at USD 445/MT CFR Basis.
3. HRC (SAE 1006) 2mm, Russian Offers- MMK Steel offers stand around USD 430-435/MT CFR basis.
4. HRC (SAE 1006) 2mm, Indian offer- Tata Steel is offering at USD 450-455/MT CFR Basis. Last week the offers were around USD 440-442/MT CFR basis.
5. Vietnam domestic Formosa is offering HRC (skin pass, SAE 1006) at USD 460/MT CIF basis for Dec-Jan shipments.
6. HRC (SS 400) 2mm, Chinese offer- Chinese mills offering at USD 460-465/MT CFR basis.
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