The surge in Chinese steel futures has resulted in a hike in domestic prices, following which Indian mills also raised offers by USD 10/MT.
As per reports, hot-rolled coil futures on the Shanghai Futures Exchange rose 1.4%. Chinese HRC price in the domestic market is hovering around RMB 3580-3600/MT eastern China, up by RMB 20-30/MT W-o-W.
Current HRC export offers from India are hovering around USD 430-435/MT CFR basis.
Previously reported deals-
1. Major Indian steelmaker booked around 20,000 MT of HRC to Vietnam at USD 420/MT CFR and 40,000 MT of HRC to China at USD 410/MT CFR.
2. Another major steelmaker booked 50,000 MT of HRC to China at USD 422/MT CFR basis.
Current imported HRC (SAE 1006, 2mm) offers to Vietnam
— China- Benxi steel is offering at USD 445/MT CFR basis. Previous offer- USD 440/MT CFR basis.
— Japan- Nippon Steel is offering at USD 445/MT CFR basis. Prior offer- USD 435-440/MT CFR basis.
— South Korea- Hyundai Steel is offering at USD 440/MT CFR basis. Previous offer- USD 435/MT CFR basis.
Leave a Reply