Global HRC Market Overview - Week 12, 2019
Chinese HRC export offers inch up following strengthening domestic market - Nation’s HRC export offers continue to move in upward direction following increase in domestic prices.
Robust buying in domestic market after reduction in VAT rates from 16% to 13% led to surge in steel prices from China.
Currently nation’s HRC export offers are assessed at around USD 537-540/MT FoB basis.However in the beginning of the week HRC export offers stood around USD 535-540/MT FoB China.
Domestic prices in eastern China (Shanghai) moved up by RMB 60-70/MT D-o-D basis and stood at RMB 3,860-3,870/MT.
Meanwhile prices at Northern China up by RMB 60/MT and stood at RMB 3,810-3,830/MT D-o-D basis in Northern China (Tangshan).
CIS-origin HRC export offers move up this week - This week CIS nation’s HRC export offers moved up over low availability.
Currently offers are in the range USD 510-520/MT FoB Black Sea. Last week CIS nation's HRC export offers stood at USD 500-520/MT FoB basis.
Indian mills hold HRC export offers firm- Indian steel mill booked HRC to Malaysia for April shipments. SteelMint learned from market sources that major Indian steelmaker concluded a deal of 10,000 MT of HRC with Malaysia at USD 560/MT CFR basis for April shipments.
Meanwhile Indian steel mills have resumed offers for export to SE Asian markets. Offers from major Indian mills are heard at around USD 560-565/MT CFR Vietnam for April shipments. No fresh offers to Nepal market were heard this week.
source: SteelMint
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