Global HRC & CRC Market Overview
Global HRC, CRC market continues to observe hike in export offers from countries like China, India. Following this import prices to Vietnam also witnessed increase.
Indian steel mills further raise HRC export offers to Vietnam- The prominent Indian steel mills have further raised their HRC export offers to Vietnam by USD 10-15/MT this week following uptrend in Chinese prices.
Currently Indian origin HRC export offer stands at USD 510-520/MT CFR Ho Chi Minh for Feb'20 deliveries, which was USD 500/MT a week ago.
Meanwhile a deal of around 15,000 MT of HRC have been booked at around USD 510-515/MT CFR basis for Feb shipments, but couldnt confirmed while reporting this article.
Also with the announcement of hike in domestic HRC prices in Jan’20 Indian HRC offers may move up further in the upcoming month.
Chinese HRC export offers move up further- This week, the Chinese HRC export offers increased further by USD 5-10/MT owing to bullish sentiments in the domestic market.
Thus, current HRC export offers from Chinese mills stand at USD 490-500/MT FoB China as compared with USD 485-490/MT FoB basis in the previous week.
Meanwhile, domestic HRC prices widened upward by RMB 10/MT on a day-on-day premise to RMB 3,900-3,910/MT (Eastern China) with the supply shortage amid production curbs and logistical restraints.
Sources based in China shared that buying remains good both in domestic and overseas market. Meanwhile competitive HRC export to Vietnam boost trading in export market.
Imported HRC offers to Vietnam continue to increase - This week imported HRC offers move up further by around USD 10-15/MT owing to increase in offers from major exporting nations
Also Vietnamese integrated steel maker Formosa Ha Tinh in on 20 days long maintenance shut down at the hot strip mill till 17th Jan’20.This may result in short supply and in turn may boost HRC offers from China and India.
Current HRC export offers to Vietnam
1. HRC (SAE 1006) 2mm, China - Chinese steel mills offers stood at USD 510/MT CFR. Last week's offers were at USD 500/MT CFR basis.
2.Last week Chinese mill concluded an export deal of 30,000 MT HRC to Vietnam at USD 510/MT CFR Ho Chi Minh for Feb deliveries.
3.HRC (SAE 1006) 2mm, South Korea- Hyundai Steel offers remain consistent at USD 500/MT CFR basis.
4.HRC (SAE 1006) 2mm, Japan- Nippon Steel offer stood at USD 500/MT CFR basis.
5.HRC (SAE 1006) 2mm, Brazil - Arcelor Mittal offer stood at USD 500/MT CFR basis.
source: SteelMint
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