Global HRC Market Overview - Week 34, 2019
Chinese HRC export offers in free fall- Chinese HRC exports offers continue to show downtrend both in domestic and overseas market over volatile futures and weak demand from overseas buyers.
Currently nation’s HRC export price assessment is at USD 480-485/MT FoB basis against USD 485-490/MT in previous week.
Meanwhile prices in Eastern China moved down by RMB 10/MT today and stood at RMB 3,720-3,730/MT. Also in northern region prices remain around RMB 3,720-3,730/MT. Prices mentioned above are inclusive of 13% VAT.
Buyers are unwilling to purchase material at higher prices. Thus thin trades pulled down prices both in domestic and export market.
CIS- origin HRC export offers edges down on weekly basis- This week CIS nation's HRC export offers moved down by USD 5/MT and stood at USD 470-480/MT FoB Black Sea.
Last week the prices were in the range of USD 470-485/MT FoB Black Sea.
Weak buying interest along with bearish sentiments in nation’s domestic market lead to downside in export offers from CIS nation’s.
Indian steel mills booked HRC exports to Vietnam for Sep shipments- Major Indian steelmaker based in eastern region booked around 40,000 MT of HRC with end users based in Vietnam at USD 477/MT CFR Vietnam for Sep or early Oct shipments.
Meanwhile other major steel mills are offering HRC export offers to Vietnam at around USD 475-477/MT CFR basis for Sep shipments.
Vietnam Formosa reduces HRC export offers by USD 10/MT- According to sources, revised offers for HRC (SAE 1006 skin pass) is assessed around at USD 531/MT CIF Ho Chi Minh city against last month’s offer which was at USD 541/MT CIF basis.
Current HRC trades to Vietnam- Week 34, 2019
1.HRC (SAE 1006) 2-3mm/Chinese offer- Benxi Steel is at USD 488/MT CFR Vietnam.
2.HRC (SAE 1006) 2-3mm/Chinese offer- Laiwu Steel is at USD 480/MT CFR Vietnam.
3. HRC (SAE 1006) 2-3mm/Indian offers – Indian steel mills at USD 475-480/MT CFR Vietnam.
source: SteelMint
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