Global HRC Market Overview- Week 27, 2019
Chinese HRC export offers strengthen further- Chinese HRC export offers increased further by USD 10/MT amid announced production cuts in Tangshan region. Also resumption in trade talks between USA and China has lead to positivity in market sentiments in China.
Currently nation’s HRC export offers inched up further by USD 5-10/MT W-o-W basis and assessed at USD 510-515/MT FoB basis as compared to offers stood at USD 500-505/MT FoB basis.
However with the indications of easing production cuts till July domestic HRC prices weakens today by around RMB 80/MT D-o-D basis and is hovering at RMB 3,920-3,930/MT in Eastern China (Shanghai). Prices mentioned above are inclusive of 13% VAT.
Meanwhile prices in northern China declined by RMB 40-50/MT D-o-D basis and hovering at RMB 3,880-3,890/MT. Price mentioned above are inclusive of 13% VAT.
Whereas in the beginning of the week domestic HRC prices spiked by RMB 80-90/MT in domestic market.
Imported HRC Offers to Vietnam inch up further- Market sources based in Vietnam shared that imported HRC offers moved up further from major exporting nation’s like India and China.
Meanwhile Vietnam based importers are choosing Indian origin HRC compared to HRC from China amid higher export offers from the latter.
Thus on weekly basis imported HRC offers to Vietnam edges up further by USD 10/MT and are heard at USD 515-520/MT CFR basis which was USD 510/MT CFR basis in previous week.
Current HRC Trades to Vietnam- Week 27, 2019
1. HRC (SAE 1006) 2-3mm/Chinese offer- Laiwu Steel is at USD 515/MT CFR Vietnam. Last week the offers stood at USD 510/MT CFR basis.
2. HRC (SAE 1006) 2-3mm/Japanese offer- Nippon Steel is at USD 530/MT CFR Vietnam. Last week the offers stood at USD 525/MT CFR basis.
3.HRC (SAE 1006) 2-3mm/Indian offer- JSW Steel offering at USD 515-520/MT CFR Vietnam for Aug-Sep shipments. Last week offers stood around USD 510/MT CFR basis.
CIS nation’s HRC export offers remained largely stable- CIS nation’s HRC export offers remained largely stable this week at USD 470-485/MT FoB Black Sea. Meanwhile Ukraine is also offering HRC at around USD 470/MT FoB basis.
Meanwhile steel mills in CIS nation’s will announce revision in their HRC export offers shortly since they have closed their sales for the month of July.
source: SteelMint
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