IRON and STEEL
Chinese HRC export offer increases over gains in domestic market- Chinese HRC export offers continued to show uptrend amid improved buying and restocking demand prevailing among end users in China.Meanwhile increase in domestic prices also pushed export offers in upward direction.
Thus Chinese HRC export offers moved up by USD 15-20/MT on weekly basis.Currently nation’s HRC export offers are assessed at around USD 535-540/MT FoB basis.Last week the offers were in range of USD 520-525/MT FoB basis.
Domestic prices in eastern China (Shanghai) moved up by RMB 60/MT and stood at RMB 3,850-3,880/MT.
Meanwhile prices at Northern China up by RMB 40/MT and stood at RMB 3,780-3,800/MT in Northern China (Tangshan).
Imported HRC offers to Vietnam moved up from China-This week imported HRC offers to Vietnam moved up from China.Since Chinese steel mills are constantly increasing HRC export offers on weekly basis.
Current offers of HRC from China
1.HRC(SAE 1006) 2-3mm/Chinese offer - Baosteel is at USD 560/MT CFR Vietnam.
2. HRC (SAE 1006) 2-3mm/Chinese offer - Shagang Steel is at USD 545-550/MT CFR Vietnam.
Meanwhile Indian mills also raised HRC export offers for Vietnam towards the beginning of the week,later offers from few mills were heard to have put on hold.
Indian steel mills increase HRC export offers for Nepal - Indian HRC export prices move up significantly for Nepal in recent bookings concluded for end March or early April shipments.
A major private steel maker based in southern India booked around 3 rakes of HRC re rolling grade ( SPHT-2 1.60 mm and above) at around USD 570/MT CFR basis for end march shipments.
In another deal, a major private steelmaker based in eastern India has booked around 1 rake of HRC at around USD 550/MT FCA basis which is assessed around USD 570-575/MT CFR Raxaul border for April shipments.
CIS-origin HRC export offers stable this week - This week since buyers in Turkey have already restock the material for March shipments.
Currently offers are in the range USD 520-530/MT FoB Black Sea.Last week CIS nations HRC export offers remained at similar levels.