Global HRC & CRC Market Overview- Week 40, 2019
Indian steel makers offering competitive HRC export offers to Vietnam- Amid flat buying and poor demand hovering in domestic market, Indian steel makers have resorted to ease off inventories to global market. Also low priced imports from Russian steel-makers to Vietnam pushed Indian HRC export offers on lower side.
Currently, major Indian steel mills are offering HRC export offers to Vietnam at around USD 440/MT CFR Ho Chi Minh, down by USD 5- 10/MT as against USD 445-450/MT at the beginning of this week. However no major deals have been reported yet.
Imported HRC offers to Vietnam remain downside- Access to cheaper HRC exports from India and Russia has put imported HRC offers under pressure. Thus, following the suit other exporting nations also offering imported HRC offers to Vietnam on lower side.
Current imported HRC offer to Vietnam
1. HRC (SAE 1006) 2-3mm/ Chinese offers- Offers from Rizhao Steel continues to hover around USD 450/MT CFR Vietnam.
2. HRC (SAE 1006) 2-3mm/ South Korean- Hyundai offer is at USD 470/MT CFR Vietnam.
3. HRC (SAE 1006) 2mm/ Japanese offer- Nippon steel is offering at USD 475/MT CFR basis.
4. HRC (SAE 1006,big coils) 2mm/ Russian offer- MMK Steel is offering at USD 420/MT CFR basis.
5. HRC (SAE 1006) 2mm/ Brazilian offer-Arcelor Mittal Steel is offering at USD 440/MT CFR basis.
CIS- origin HRC export offers move down further- CIS origin HRC export offers witness further decline this week over pessimistic sentiments hovering in domestic market.
Hence, this week CIS nation’s HRC export offers witnessed further fall by USD 5-10/MT and hovering at USD 405-415/MT FoB basis against USD 415-425/MT FoB basis heard last week.
Thus, this in turn leads to imported HRC offers under pressure for Vietnam and Turkey markets.
Chinese HRC export offers remain stable amid Golden Week holidays- This week nation’s HRC export offers remain stable over National day holiday scheduled from 1st Oct to 7th Oct’19.
Thus, currently nation’s HRC export price assessment is hovering around USD 450-455/MT FoB basis.
Global HRC & CRC Market Overview- Week 40, 2019
source: SteelMint
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