Chinese HRC Export Offer Approaches Nearly 1.5 Years Low

This week global HRC export offers moved down further over constant decline seen in export offers from China.

Chinese HRC export offers recorded nearly 1.5 years low- Chinese HRC export offers is constantly dropping amid weakening sentiments in domestic market along with soft demand in downstream products.In Jul’17 Chinese HRC export offers stood around USD 470-480/MT Fob China.However nation’s HRC export offers is showing similiar levels in Nov’18.

However on weekly basis nation’s HRC export offers move down by USD 15/MT. Currently HRC export offers from China is assessed around USD 485-490/MT FoB basis. However last week offers was assessed around USD 500-505/MT FoB basis.

Meanwhile prices of HRC in the domestic market fell further by RMB 30/MT on D-o-D basis amid decline in futures market. Presently domestic HRC is assessed at RMB 3,570-3,590/MT (ex-works) in Eastern China,

CIS origin HRC export offers dip further over slump in Chinese prices-CIS-origin HRC export offers decline further in line with falling HRC export offers from China.CIS nation decline HRC export offers by USD 10/MT W-o-W basis.

Currently CIS nation HRC export offers was in range of HRC export offers heard around USD 470-480/MT, FoB Black Sea.Last week the offers stood at USD 480-490/MT FoB Black Sea.

Buyers remain cautious to procure material from CIS as Chinese prices are continuously hovering on lower side.

Imported HRC offers to Vietnam slide down by USD 10/MT D-o-D-Imported HRC offers to Vietnam fell by USD 10/MT from China. Constant fall in Chinese steel prices has resulted to significant drop in imported offers of HRC to Vietnam.

Current HRC trade offers to Vietnam - Week 48, 2018
1.HRC (SAE 1006) 2-3mm / Chinese offer - Benxi Steel is at USD 500/MT CFR Vietnam.Last offers were heard at USD 510/MT CFR basis.

2.HRC (SAE 1006) 2-3mm / Chinese offer - Xinyu Steel is at USD 480/MT CFR Vietnam.Last offers were at USD 490/MT CFR basis.

3.HRC (SAE 1006) 2-3mm / Chinese offer - Laiwu Steel is at USD 480/MT CFR Vietnam.Last offers were at USD 490/Mt CFR basis.

Indian mills decline HRC export offers to Vietnam - Few trade sources shared that, a major Indian mill based in western region is offering HRC export offers to Vietnam at USD 520/MT CFR basis.However no major deals concluded yet. There are speculations that Indian mills have further reduced offers by USD 10-15/MT but no confirmation was received till the time of publishing this report.

Last deal was heard by major Indian steel makers based in eastern region booked around 20,000 MT of HRC to Vietnam in the range of USD 520-525/MT CFR basis for Dec shipments.