IRON and STEEL
Chinese HRC export offers inch up amid increase in domestic prices- Chinese HRC export offers moved up on weekly basis following uptrend in domestic prices.
Currently nation’s HRC export offer is assessed at around USD 530-535/MT FoB basis. Last week the offers stood at USD 525-530/MT FoB basis.
Meanwhile prices in domestic market surge by RMB 10-20/MT D-o-D basis amid tight supply following production cuts at Tangshan. Domestic prices in eastern China (Shanghai) stood at RMB 4,070-4,090/MT.
And prices at Northern China moved up by RMB 10-20/MT D-o-D basis and stood at RMB 3,940-3,950/MT in Northern China (Tangshan).
Indian HRC export offers to Vietnam remain stable, bids low- Indian HRC export offers to Vietnam remained stable this week at USD 542-543/MT CFR Vietnam for June shipments. However no major deals have reported yet. However bids from Vietnam mills stand at USD 5-7/MT lower than present offers.
Imported HRC offers to Vietnam remain range-bound- This week imported HRC offers to Vietnam remain range-bound amid dull trades among end users in Vietnam. However few major steel mills have started offering HRC to Vietnam for June shipments.
Current HRC offers to Vietnam - Week 19, 2019
1.HRC (SAE 1006) 2-3mm/Chinese offer - Chung Hung steel is at USD 545/MT CFR Vietnam for June shipments.
2. HRC (SAE 1006) 2-3mm/Japanese offer - Nippon Steel is at USD 560/MT CFR Vietnam for June shipments.
3 HRC (SAE 1006) 2-3mm/Korean offer - POSCO is at USD 550/MT CFR Vietnam for June shipments.
4 HRC (SAE 1006) 2-3mm/Russian offer - MMK Steel is at USD 534/MT CFR Vietnam.
Indian steel mills conclude HRC import deal from Korea- Indian based stockist concluded a deal of imported HRC from Korea for June shipments.Market participants shared that, Indian steel importers have booked around 20,000-28,000 MT of HRC with South Korea for June shipments at USD 560/MT, CFR India for June shipments.
Cheaper HRC imports from Korea and Japan results to domestic HRC prices under pressure. Thus Indian steel mills roll over HRC prices in domestic market and providing discounts to escalate buying.