Chinese HRC Export Offers Rise Marginally On Domestic Gains

Chinese HRC export offers inched up this week by USD 5/MT owing to positive sentiments prevailing in China's domestic market. Strengthening domestic market resulted in rise in HRC export offers in China.

Currently HRC export offers are prevailing in the range of USD 420-430/MT, FoB China. Last week the offers were heard in the range of USD 420-425MT,on FoB basis.

Meanwhile prices of HRC in domestic market are heard in the range of RMB 3,070-3,110/MT which is equivalent to USD 445-448/MT, including VAT & other taxes.

Buying activities still remain slow as the overseas buyers are trying to pick up inflated HRC export offers. Some major mills are offering HRC at USD 435-440/MT, Fob basis.

While some deals have been made to South America in the range of USD 415-420/MT and to South East Asia at USD 435-440/MT.

Japanese Steel Makers Continue to Hold HRC Export Offers
Japanese HRC export offers remains stable this week and are hovering in the range of USD 480/MT FoB Japan. Japanese exporters have yet not opened any fresh offers.

Few Indian steel mills lower HRC export offers - Sources
Trade sources shared that they have heard that few Indian steel mills have quoted HRC export offers at USD 490/MT, CFR Europe which is equivalent to USD 460/MT, FoB India. However company officials are yet to confirm these offers.Last offers were heard at USD 470-480/MT,FoB basis.

Since the Chinese HRC export offers is the cheaper alternative for overseas buyers compared with Indian export offers which leads to dull and limited buying activity in Indian export market.

HRC Export Offers as on 16th May'17

FoB Prices in USD/MT,
Source-SteelMint Research