Global HRC Market Overview- Week 18, 2019
Chinese HRC export offers edge down despite rebound in domestic prices- Chinese HRC export offers reported decline on weekly basis despite rebound in domestic prices. Traders in the domestic market are restocking the inventories ahead of May day holidays in China.
Thus stronger sentiments in domestic market amid increased buying led to uptrend in domestic prices.
However nation’s HRC export offers declined on weekly basis as Chinese mills are focusing largely in domestic market.
Currently nation’s HRC export offer is assessed at around USD 525-535/MT FoB basis. Last week the offers stood at USD 535-545/MT FoB basis. Meanwhile sparse trading among buyers in Vietnam also led to fall in offers from China.
Meanwhile prices in domestic market surge by RMB 50/MT D-o-D basis. Domestic prices in eastern China (Shanghai) stood at RMB 4,050-4,060/MT.
And prices at Northern China moved up by RMB 20/MT and stood at RMB 3,930-3,940/MT D-o-D basis in Northern China (Tangshan).
CIS-origin HRC export offers remain stable- This week CIS nation’s HRC export offers remain stable amid lower trades and slow demand in CIS nations.
Last week nation witnessed steep fall by USD 10-15/MT amid weak buying and sluggish trades in CIS regions.
Currently offers are in the range USD 485-495/MT FoB Black Sea. Meanwhile export offers from Ukraine are heard to be on lower side which is around USD 470-480/MT FoB basis.
Thus market sources shared that HRC export offers from CIS nations likely to decline in upcoming month.
Indian HRC export offers to Vietnam remain stable- Indian HRC export offers to Vietnam remain stable this week at USD 540-545/MT CFR Vietnam.
Imported HRC offers to Vietnam remain stable- This week imported HRC offers to Vietnam remain stable amid ongoing holiday of May Day and Liberty day.Thus Vietnamese steel mills were on 5 days holidays.
Currently imported HRC export offers inVietnam is around USD 540-545/MT CFR basis from China.
Meanwhile Russian based MMK steel is offering HRC (small coils) at competitive prices which is around USD 525-530/MT CFR Vietnam.
source: SteelMint
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