Global HRC Market Overview - Week 33,2019
Chinese HRC export offers fall; domestic prices rise today- Chinese HRC exports offers witness further slump over fragile sales and tepid demand hovering in nation’s domestic and overseas market.
On weekly basis nation’s HRC export offers drop sharply by USD 20/MT CFR basis.
Currently nation’s HRC export price assessment is at USD 485-490/MT FoB basis against USD 505-510/MT in previous week.
Meanwhile prices in Eastern China moved up by RMB 40/MT today and stood at RMB 3,7060-3,710/MT. Prices mentioned above are inclusive of 13% VAT.
However China’s major steelmaker - Baosteel has announced increase in its steel prices for September deliveries. The company has increased its steel prices by RMB 50-150/MT (USD 7-12/MT) in its Baoshan, Meishan and Dongshan base for Sep deliveries.
Meanwhile prices for plain carbon CR steel also surged by RMB 150/MT in Baoshan, Qingshan, Dongshan and Meishan base.
Indian steel mill continue to offer HRC export offers to Vietnam on lower side- Amid weakening demand and inactive buying prevailing in domestic market, Indian steel mills are targeting overseas market to offload surplus output.
Thus Indian HRC export offers continue to remain on lower side. Currently imported HRC offers to Vietnam stood around USD 490/MT CFR basis which was USD 500-505/MT CFR basis.
Few trade sources based in Vietnam shared that, major Indian steel mill is offering position cargo to Haiphong at around USD 495/MT(prompt cargo) for Aug shipments.
Meanwhile the same mill is offering around USD 490/MT CFR basis. However customers are bidding around USD 485/MT CFR basis for Sep shipments.
Imported HRC offers to Vietnam from China- Imported HRC offers from China continue to decline further over softening buying sentiments and lower bids from end users in Vietnam.
Current HRC trades to Vietnam
1. HRC (SAE 1006) 2-3mm/Chinese offer- Benxi Steel is at USD 488-490/MT CFR Vietnam. Last the week offers were around USD 500/MT CFR basis.
2. HRC (SAE 1006) 2-3mm/Chinese offer- Shagang Steel is at USD 490/MT CFR Vietnam.
3. HRC (SAE 1006) 2-3mm/Chinese offer – Tanghsan(HBIS) offer at USD 490/MT CFR Vietnam.
4. HRC (SAE 1006) 2-3mm/Chinese offer- Rizhao Steel Holdings is at USD 490/MT CFR Vietnam.
5. HRC (SAE 1006) 2-3mm/Chinese offer- Shagang Rizhao Steelworks at USD 495/MT CFR basis.
6. Formosa is likely to revise its monthly HRC prices shortly for sep shipments.
CIS- origin HRC export offers remained stable- This week CIS nation's HRC export offers remained stable at USD 470-485/MT CFR basis. Last week the prices stood at similar levels.
Global HRC market overview- Week 33, 2019
source: SteelMint
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