Indian Mill to Export 25,000 MT HRC to Vietnam

Market participants shared with SteelMint that a major west India based steel mill has recently concluded a deal for 25,000 MT HRC to Vietnam. The deal price is heard around USD 612-615/MT CFR for July shipments.

Few weeks back, a major Indian steelmaker had concluded a deal of 5000 MT of HRC with Vietnam based importer in the range of USD 607-610/MT CFR basis for July shipments.

As per statistics data maintained with SteelMint,India exported 1.64 MnT of flat steel to Vietnam and accounted for 17.46% share in Indian flat steel exports in CY17 .

However Indian mills have limited allocations for HRC exports to Vietnam and European nations amid higher profit margins in domestic market.

Imported Chinese HRC offers to Vietnam remain stable - Imported offers of HRC to Vietnam remain stable this week.

Currently imported HRC offers from China were at USD 610-617/MT, CFR Vietnam for August shipments.

Meanwhile Vietnam's domestic producer Formosa Ha Tinh Corporation is planning to announce its HRC offers for August shipments shortly. As per sources, announcement is expected by the end of this week or in beginning of next week.

Chinese HRC export offers rose marginally - Nation's HRC export offers inched up slightly by USD 5/MT on W-o-W basis.Also domestic prices rebound amid fluctuating futures in domestic market.

Currently Chinese HRC export offers heard around USD 595-600/MT,FoB China. Payment are made on letter of credit basis for 1,000-10,000 MT.

Major mills in China have kept their export offers largely stable and are quoting HRC at around USD 600-605/MT,FoB China.However bids are happening on lower side which is around USD 585-590/MT FoB basis.

Prices of HRC in the domestic market are gauged at RMB 4,280-4,300/MT (ex-works) in Eastern China and 4,220-4,240 /MT ( Northern China).

CIS origin HRC export offers remain unchanged- CIS origin HRC export offers remain stable on weekly basis amid Islamic holy month of Ramadan.

Currently HRC (2.5 mm S235 JR) export offers are heard around USD 535-555/MT FoB Black sea. However last week the prices stood in the range of USD 545-560/MT FoB basis.

South Korean steel mills cut HRC export offers marginally - Korean based major mill have started offering HRC exports to India for July shipments.Mills are quoting offers at around USD 655/MT CFR India.

Buyers are bidding on lower side which is around USD 640-645/MT CFR basis.However no major deal have been concluded yet.

Previously Korean mills have concluded a deal of HRC at around USD 660/MT CFR basis for July shipments.

Global Flat Steel Export Offers - Week 24,2018

Source-SteelMint Research