Weekly: Global HRC & CRC Market Overview

Vietnam mill books 80,000 MT HRC from Russia, prices fall by USD 10-

-- The Russian based MMK steel mill has concluded a deal of around 80,000 MT HRC (big coils) to Vietnam at USD 370/MT CFR basis for June delivery, SteelMint learned from its authentic sources based in Vietnam.

--Prior this, the company booked 30,000 - 40,000 MT of HRC at USD 375-380/MT CFR basis for June delivery.

-- Also, an Indian steelmaker booked 20,000 MT of HRC last week to Vietnam at USD 388/MT CFR basis for May and June deliveries.

--In addition to this, domestic integrated steel mill Formosa Ha Tinh is planning to reduce its HRC prices next week. However, an official announcement is still awaited.

-- Meanwhile, sources in Vietnam shared that the demand in the domestic market is anticipated to remain gloomy amid lockdown until 15 Apr'20.

Chinese HRC export offers continue to slump further on competitive offers-

-- The nation's HRC export offers declined by USD 5-10/MT on a weekly premise and stood at USD 405-410/MT FoB China, which was USD 410-420/MT FoB basis in the previous week. Offers fell due to weakening trades in the export market.

-- HRC offers continue to remain on the downside since other major exporting nations like India and Russia are selling material at cheap prices to Vietnam buyers.

-- Meanwhile, the market appears to be on holiday mood for past three days on account of Qing Ming Jie festival.

-- Domestic HRC prices up by RMB 20-30/MT and stood at RMB 3220-3230/MT (Eastern China) and down by RMB 30 and stood at RMB 3,190/MT (Northern China).

Indian steel mill books 15,000 MT HRC for exports to UAE-

-- A reliable market participant based in the Middle East shared with SteelMint that an Indian steelmaker booked around 15,000-20,000 MT of HRC last week to UAE at USD 405-410/MT CFR basis.

-- Also South Korean steelmakers are offering HRC to UAE at USD 420-425/MT CFR basis.

--However, market sources shared that Chinese mills appear to be less interested in offering HRC to UAE on limited inquiries.

CIS origin HRC export offer drops sharply-

-- The CIS origin HRC export offers were slashed by USD 50-55/MT amid bearish domestic market and higher inventory levels at steel mills.

-- Current HRC export offer stands at USD 360-375/MT FoB Black Sea in contrast with USD 415-425/MT FoB basis a week ago.

Source: SteelMint Research