Imported HRC Offers to Vietnam Fall From Japan in Recent Deal
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The imported HRC offers to Vietnam tumbled by USD 20/MT from the Japanese mills in a recent deal concluded yesterday, SteelMint learned from its authentic sources based in Vietnam.
--A Japanese based major steel mill booked HRC (SAE1006) of 20,000-30,000 MT for exports to Vietnam at USD 470/MT CFR Vietnam to buyers namely NamKim steel, POSCO Vietnam and Hoasen for Mar-end-Apr'20 delivery. Last week the offer was prevailing at USD 490/MT CFR basis.
--Following this South Korean major steelmaker also reduced HRC export offers to Vietnam and offering at USD 473-475/MT CFR basis. However last week the offer was at USD 485/MT CFR basis.
Current HRC offers to Vietnam
-- HRC (SAE 1006, 2mm), China- Benxi is offering at USD 470/MT CFR basis.
-- HRC (SAE 1006, 2mm), China- Baosteel is offering at USD 470/MT CFR basis
-- HRC (SS400), China- Chinese steel mills offering at USD 460/MT CFR basis.
-- Vietnamese domestic integrated steel manufacturer Formosa Ha Tinh is offering HRC (skin pass, SAE1006) prices at USD 520/MT for Apr'20 deliveries.
Chinese HRC export offers move up on rebound in domestic prices-
-- HRC export offers moved up by USD 5/MT on a weekly premise since the nation's steelmakers are largely focusing on export trades owing to scarce demand in the domestic market.
--The current HRC export offer stands at USD 470-490/MT FoB China this week which was USD 475-485/MT FoB basis in the previous week.
-- Meanwhile, rebound in domestic prices failed to boost the market sentiments amid higher inventories. Currently, domestic HRC price is hovering at RMB 3,520-3,540/MT (Eastern China) up by RMB 30-40/MT D-o-D basis. Also, prices in the Northern region are settled at RMB 3,280-3,300/MT (Northern China).
Indian HRC export offers stable on limited trades-
--Steel mills have kept HRC export offers to Vietnam stable owing to lower HRC export offers from China.
-- Current HRC export offers assessed at USD 490/MT CFR basis.
-- However, steel manufacturers are largely focusing on the domestic market over less competitive export offers compared to China. Also, yesterday, Indian steel mills raised HRC prices by INR 500-700/MT for Mar'20 deliveries.
Imported HRC offers to UAE fell from India
-- Imported HRC offers to UAE declined from India by USD 5-10/MT and offering at USD 500/MT CFR UAE for Mar-Apr'20 deliveries. No major deals reported yet. Previous week the offer was at USD 505-510/MT CFR basis.
-- A major Chinese steelmaker is offering HRC thinner gauge at (1.2mm) at USD 540/MT CFR basis.
-- Japanese and Korean mills are offering HRC aggressively at USD 480/MT CFR basis.
CIS origin HRC export offer remains stable-
-- The CIS origin HRC export offers remained consistent on a weekly premise and stood at USD 465-475/MT FoB Black Sea.
-- The bearish market sentiments in the key importing nations continue to keep HRC export offers stable.
Particulars | Currency | Prices |
HRC, FoB China | USD/MT | 470-490 |
CRC, FoB China | USD/MT | 510-515 |
HRC, FoB Black Sea | USD/MT | 465-475 |
CRC, FoB Black Sea | USD/MT | 535-540 |
HRC, CFR Vietnam from China | USD/MT | 470 |
HRC, CFR Vietnam from India | USD/MT | 480-490 |
HRC, CFR UAE from India | USD/MT | 500 |
Source: SteelMint Research