Chinese Steel Market Highlights - Week 18, 2019
This week Chinese steel market reported rebound in its steel prices as buyers in China were restocking the material amid May Day holiday. However nation’s export offers witnessed decline over subdued trades.
Nation’s HRC and rebar export offers witness decline. However coking coal offers moved up amid increment in coking coal prices in China. Iron ore offers inched up in the beginning of the week.
Chinese spot iron ore prices inched up amid restocking activities- Chinese spot iron ore prices opened up this week at USD 93.35/MT, CFR China up against USD 92.8/MT, CFR China towards last weekend. The prices picked up amidst restocking before labour day holidays in China.
Spot lump premium witnessed at USD 0.3100/DMTU CFR China towards beginning of the week.
Spot pellet premium for Fe 65% grade pellets witnessed at USD 29.10/DMT, CFR China towards beginning of the week. However, falling pellet premium have decreased the spread between pellet and lump prices with an expected increase in shift towards pellet by Chinese mills.
Coking coal offer moved up following upsurge in coking coal prices from China - Seaborne premium hard metallurgical coal prices moved up this week following surge in coking coal prices in Chinese domestic metallurgical coke market.
In China, fresh deals were seen taking place for restocking purposes by end-users
Latest offers for the Premium HCC grade are assessed at around USD 206/MT FOB Australia.Previous week the offers was hovering at USD 204.25/MT FoB basis.
Chinese domestic billet price remain range-bound- Chinese domestic billet prices remained range-bound amid limited trades over holidays. In Tangshan, billet prices are assessed at RMB 3,570/MT
Chinese HRC export offers decline on weekly basis - Chinese HRC export offers reported decline on weekly basis amid May day holidays in China from 1st May to 3rd May’19
Currently nation’s HRC export offer is assessed at around USD 530/MT FoB basis.In the beginning of the week domestic HRC offers stood at USD 525-535/MT FoB basis.
Meanwhile prices in the domestic market in beginning of the week stood at RMB 3,980-3,990/MT in eastern China (Shanghai).And prices at Northern China(Tangshan) stood at RMB 3,890-3,990/MT D-o-D basis.
Chinese rebar export offers decline amid holidays- This week nation’s rebar export offers reported decline amid May day holidays in China.
Nation’s rebar export offers are at USD 540/MT FoB China. Last week the offers were at USD 535-550/MT FoB basis.
However domestic rebar prices in beginning of the week stood at RMB 4,050-4,100/MT (Eastern China) inclusive of VAT taxes. And prices at Northern China stood at RMB 3,950-4,000/MT D-o-D basis in Northern China (Tangshan)
source: SteelMint
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