IRON and STEEL
Chinese HRC export offers soften - Chinese HRC export offers edged down this week by USD 5-10/MT owing to thin trades happening in export market. Overseas buyers are bidding on lower side and are reluctant to book material at higher prices with the anticipation of further decline in prices.
Currently nation’s HRC export offers fell by USD 5-10/MT W-o-W basis and assessed at USD 507-510/MT FoB basis as compared to offers stood at USD 510-515/MT FoB basis last week.
However prices in domestic market gained momentum over surge in futures today. Prices in eastern China shoot up by around RMB 60-70/MT and are hovering at RMB 3,860-3,870/MT. Price mentioned above are inclusive of 13% VAT
Meanwhile prices in northern China increased by RMB 10-20/MT D-o-D basis and hovering at RMB 3,840-3,860/MT. Price mentioned above are inclusive of 13% VAT.
Imported HRC Offers to Vietnam inch down- This week imported HRC offers to Vietnam decline this week following decline in HRC export offers from China. However no deals were reported so far this week.
Thus on weekly basis imported HRC offers to Vietnam fell by USD 10/MT and are heard at USD 515-520/MT CFR basis which was USD 530/MT CFR basis towards the end of last week.
Current HRC Trades to Vietnam- Week 28, 2019
1.HRC (SAE 1006) 2-3mm/Chinese offer- Laiwu Steel is at USD 515/MT CFR Vietnam. Towards the end of last week offers stood at USD 525/MT CFR basis.
2.HRC (SAE 1006) 2-3mm/Chinese offer- Benxi Steel is at USD 520/MT CFR Vietnam. Towards the end of last week offers stood at USD 530/MT CFR basis.
3.HRC (SAE 1006) 2-3mm/Japanese offer- Nippon Steel is at USD 525/MT CFR Vietnam.
4.HRC (SAE 1006) 2-3mm/Korean offer- Hyundai Steel is at USD 525/MT CFR Vietnam.
5.HRC (SAE 1006) 2-3mm/Brazil - Arcelor Mittal is at USD 520/MT CFR Vietnam.
6.HRC (SAE 1006) 2-3mm/India - Indian steel mills offer at USD 513-516/MT CFR Vietnam. Offers are lower by USD 5-10/MT against last week.
CIS nation’s HRC export offers edges up this week- CIS nation’s HRC export offers edges up by USD 10/MT this week amid limited supply in export market.
Currently CIS origin HRC export offers stood at USD 480-495/MT FoB Black Sea. However last week offers stood around USD 470-485/MT FoB basis.
Global HRC Trade Market Overview- Week 28, 2019