Global HRC Market Overview- Week 31, 2019
Chinese HRC export offers inch down over ample supply- This week Chinese HRC exports offers witnessed slight correction amid availability of increased stock levels both in domestic and overseas market. Thus overseas buyers are reluctant to purchase over expectation of further decline in prices on the back of volatile futures.
Currently nation’s HRC export offers are hovering at USD 505-510/MT FoB basis against USD 507-510/MT in previous week.
Meanwhile prices in Eastern China remain unchanged on D-o-D basis and are hovering at RMB 3,830-3,840/MT. However prices in Tangshan region is around RMB 3,820 /MT. Prices mentioned above are inclusive of 13% VAT.
Also Ministry of Ecology and Environment based in China announced that companies with low carbon emission shall be exempted from production cuts has resulted to weakening sentiments in domestic market.
CIS nation’s HRC export offers fell marginally- CIS origin HRC export offers moved down slightly this week. Currently HRC export offers from CIS nation’s is hovering around USD 485-500/MT FoB Black Sea which was USD 490-500/MT FoB basis.
Vietnam imported HRC soften further over falling bids- Vietnam’s imported HRC offers soften further from major exporting nations over weak trades happening in Vietnam market.
Current HRC trades to Vietnam- Week 30, 2019
1.HRC (SAE 1006) 2-3mm/Chinese offer- Benxi Steel is at USD 515/MT CFR Vietnam.In the beginning of the week offers were around USD 520/MT CFR basis.
2.HRC (SAE 1006) 2-3mm/India – India offer at USD 505-510/MT CFR Vietnam.
3.HRC (SAE 1006) 2-3mm/Korean offer- Hyundai Steel is at USD 525/MT CFR Vietnam.In the beginning of the week offers were around USD 530/MT CFR basis.
4.HRC (SAE 1006) 2-3mm/Russian offer- MMK Steel is at USD 515/MT CFR Vietnam.In the beginning of the week offers were around USD 520/MT CFR basis.
5.HRC (SAE 1006) 2-3mm/Brazil offer- Arcelor Mittal is at USD 510/MT CFR Vietnam.In the beginning of the week offers were around USD 520/MT CFR basis.
Indian mills booked HRC to Nepal- As per conversation with industry participants, a major Indian privately owned steel mill has booked 2 rakes of HRC to Nepal at USD 530/MT CFR Raxual Border for Aug-Sep deliveries.
Global HRC market overview- Week 31, 2019
source: SteelMint
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