South Korean Mill Concludes 100,000 MT HRC Export Deal to China

Chinese steelmakers have increased their appetite for HRC imports and have aggressively made bookings from South Korean mill. It was reported that the South Korean mill has concluded deal for around 100,000 MT HRC to China and the deal price was noted at USD 385/MT CFR China basis for May shipments.

-- Currently domestic HRC prices in eastern China are assessed at RMB 3,270-3,280/MT including VAT. As per sources, the landed cost imported HRC to China is cost effective than domestic prices.

--Also a couple of days back there was a rumor in the market that Indian steel mill also exported 20,000 MT of HRC to China at USD 395/MT CFR basis for June shipments.

--Chinese steelmakers have shifted their interest to imports and are actively booking HRC, slabs and billets from India and Russia at cheaper prices since global steel prices fell sharply as the lock-down announced to curb the increasing intensity COVID-19.