Weekly: Global HRC & CRC Market Overview

Chinese HRC export offers drop over thin trades
--Chinese HRC export offers fell by USD 10/MT on a weekly premise on weakening trade sentiments in foreign markets.

--Thus, the current HRC export offer stands at USD 460-480/MT FoB China in contrast to USD 470-490/MT FoB basis in the preceding month.

--Meanwhile, the domestic HRC prices gained the momentum and stood at RMB 3,510-3,520/MT up by RMB 20/MT and eastern China and RMB 3,340/MT up by 30-50/MT D-o-D basis.

Indian HRC export offers to Vietnam drop further
--Indian steel mills have lowered their HRC export offers by USD 15/MT to USD 465/MT CFR Vietnam which was USD 480-485/MT CFR basis a week ago.

-- Also major steel maker based in India booked 20,000 MT of HRC for exports to Vietnam at USD 465/MT CFR Vietnam basis for Mar-end-Apr delivery. However, the deal couldn't be confirmed while publishing this report.

Imported HRC market in UAE
--Price indications of imported HRC to UAE from India witnessed a slump of USD 20/MT on a weekly premise to USD 480/MT CFR UAE in contrast with USD 500/MT CFR in the preceding week.

Vietnam: Market awaits Formosa price revision
Company officials shred with SteelMint that Formosa Ha Tinh will announce revision in its HRC offers towards the end of this week. Market participants are eyeing for decline in price announcement.

Current imported HRC offers to Vietnam-
-- HRC (SAE 1006, 2mm), Japan- Nippon Steel is offering at USD 470/MT CFR basis unchanged over the offers at the beginning of the week.

-- HRC (SAE 1006, 2mm), Japan- JFE is offering at USD 470/MT CFR basis, stable against the beginning of the week.

-- HRC (SAE 1006, 2mm), Japan- Kobe steel is offering at USD 465/MT CFR basis.

-- HRC (SAE 1006, 2mm), China- Benxi is offering at USD 473/MT CFR basis remain unchanged against the offer stood at the beginning of the week.

-- HRC (SAE 1006, 2mm), China- Baosteel is offering at USD 473/MT CFR basis, consistent with the offer at the beginning of the week.

CIS HRC export offers fall slightly on competitive offers
-- CIS HRC export offer witnessed slight decline by USD 5/MT on the back of increased competition by Asian steel exporters offering HRC at a lower price than the former.

--Currently, the CIS origin HRC export offer assessed at USD 465-470/MT FoB Black Sea, which was USD 465-475/MT a week ago.

Source: SteelMint Research