SteelMint learned from market participants that Japan based major steel mills are likely to raise HRC export offers by about USD 20/MT for May shipments. However official announcement is expected to be out in 1st week of April.
Japanese major steel mills are expected to raise HRC offers to around USD 590/MT CFR India for May shipments against their last offers of USD 580/MT, CFR India.
However Indian stockists booked around 35,000 MT of HRC with Japan based mills for April shipments. The deal price was at USD 560-570/MT CFR India.
Meanwhile Japanese major steel mill is offering HRC export offers to Malaysia at USD 600-605/MT CFR basis for May shipments.
South Korean mills to raise HRC export offers following hike in domestic prices – As per market sources, Korean steel mills are also planning to raise HRC export offers for May shipments.The revised indicative offers from major steel mill is assessed around USD 585/MT CFR basis for May shipments.
As per Steel daily, Korea’s major steel mill – POSCO will raise HRC prices in domestic market in line with rising production costs and tight supply in domestic market. Company has decided to raise its steel prices in April by KRW 60,000/MT (USD 53). In the month of March the steel maker had raised prices by KRW 30,000/MT (USD 26).
India’s HRC/Plate import from Japan and Korea- As per the data maintained with SteelMint, India imported 0.46 MnT of flat steel from South Korea and 0.18 MnT from Japan in first two months (Jan-Feb) of CY19. Out of which imports of HRC/Plate was assessed at 0.24 MnT from Korea and 0.06 MnT from Japan in Jan-Feb’19.
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