Global HRC and CRC market overview

Indian steel mills keep HRC export offers on hold
Major steel manufacturers are holding back on HRC export offers due to a backlog of orders for July shipments.Indicative HRC prices are at $460/t CFR Vietnam basis for Aug-Sep shipments following uptrend in Chinese offers. Previous offers were in the range of $445-460/t CFR basis

China HRC export offer rises further-
Chinese mills raised their offers by $5/t on the back of robust domestic demand.
Export offers were at $455-460/t FoB China this week compared with a $450-460/t FoB basis a week ago.

Domestic HRC prices also increased by RMB 40-50/t d-o-d basis to RMB 3,900-3,910/t.

Imported HRC offers to Vietnam continue to rise-
A few exporting countries have scaled up their offers to Vietnam by $10/t following an increase in offers from China.

However, Vietnamese buyers are reluctant to purchase due to limited demand amid ongoing monsoon season. Most buyers are also holding sufficient inventory.

Current HRC offers (SAE1006, 2mm)

• China- Benxi Steel offer stands at $470/t CFR Vietnam basis. Last week offers were at $465/t CFR.
  
  
• Japan- Nippon Steel and JFE are offering at $460/t CFR Vietnam basis. Offers remain unchanged against last week.
  
  
• South Korea- Hyundai Steel's offer stands at $470/t CFR Vietnam basis. Last week offers were at $460/t CFR basis.
  
  

CIS origin HRC export offers fell further on weak demand-
Owing to the slow demand in major importing countries, export offers fell further by $5/t w-o-w.Currently, the export offer stands at $395-410/t FoB Black Sea as compared to $400-415/t FoB basis.

Source: SteelMint Research