Chinese Mills Raise HRC Export Offers to Vietnam
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This week, the imported HRC offers to Vietnam from China witnessed increase by around USD 8-10/MT on the back of optimistic sentiments on resumption of steelmakers in China.
Towards end of last week, Chinese mills started raising HRC export offers to USD 465-485/MT FoB basis against USD 460-480/MT FoB basis in beginning of previous week following increase in domestic prices.Towards the end of last week domestic HRC prices surged by RMB 40/MT to RMB 3,500-3,520/MT (Eastern China)
As per market sources,push made by Chinese government to resume back to work fueled bullish sentiments in the market and resulted to uptrend in nation's HRC export offers towards end of last week.
Thus decline in the new infection cases, pushed the industrialists in various parts namely Guangdong, Hebei, Shandong, and Hunan to resume their operations.
Current imported HRC offers to Vietnam-
1. HRC (SAE 1006) 2mm, China- Benxi is offering at USD 478/MT CFR basis. Towards the end of last week, Benxi was offering at USD 470/MT CFR basis.
2. HRC (SAE 1006) 2mm, China- Baosteel offer is at USD 478/MT CFR basis. Last week offer was at USD 470/MT CFR basis.
3.HRC (SAE 1006) 2mm, China- Chunghung Steel's offer is at USD 485/MT CFR basis. Last week the offers were at USD 490/MT CFR basis.
4.HRC (SS400), China- offer stands at USD 475/MT CFR basis.
5.Confirmed trade deal heard by major steelmaker Baosteel, booked an export deal of around 70,000 MT of HRC (SAE 1006) at USD 480/MT CFR Vietnam last week for March'20 delivery.
6.HRC (SAE 1006) 2mm, Japan- Nippon Steel is offering at USD 495/MT CFR basis. The prior offer was at USD 500/MT CFR basis.
7.HRC (SAE 1006) 2mm, South Korea- Hyundai Steel is offering at USD 495/MT CFR basis, unchanged over the previous week's offer.
8.Vietnamese domestic integrated steel manufacturer Formosa Ha Tinh kept its HRC (skin pass, SAE1006) prices unchanged at USD 520/MT for Apr'20 deliveries.
9.Indian steel mills are offering imported HRC on higher side which is around USD 510-515/MT CFR basis.
