Weekly: Global HRC & CRC Market Overview

Chinese HRC offers remained stable due to the Labour Day holidays

--Chinese HRC export offers remain largely unchanged amid Labour Day holidays from 1st May to 5th May.

-- However, competitive offers from other major exporting nations continue to weigh on HRC export offers from China

-- Thus, the current HRC export offer stands at USD 400-405/MT FoB China remained similar as compared to last week.

-- However, the domestic HRC prices stood at USD 3,270-3,300/MT (Eastern China) prior holidays.

Absence of active offers keeps Vietnam imported HRC market silent

-- The HRC offers to Vietnam remain unchanged from major exporting nations like China, Japan, and South Korea due to holidays until 5th May on the occasion of Labour Day in China and Golden week holidays in Japan.

-- HRC (SAE 1006, 2mm), India- Indian steel mills are still offering at USD 390-395/MT CFR basis.

-- HRC (SAE 1006, 2mm), Russia- MMK is continuing to offer at USD 390/MT CFR basis.

CIS origin HRC export offers falls-

-- CIS origin HRC export offers moved down marginally due to lower bids from importing nations.

-- The current HRC export offer is assessed at USD 350-365/MT FoB Black Sea in comparison with USD 355-370/MT FoB basis in the past week.

Pakistan importers book HRC from China-

-- A few reliable market sources shared that some Pakistani pipe mills booked HRC for import from China at USD 410/MT CFR Pakistan. However, the quantity could not be confirmed while publishing this article.

-- However, the market sentiments in Pakistan have also been inferred to be weak.

-- Also sources shared that Pakistani mills are holding enough inventories in hand and are unlikely to book fresh orders for June delivery.

UAE market activities resuming, sentiments still weak-

-- SteelMint in conversation with UAE based authentic market sources learned that the market is resuming, however, the sentiments continued to remain weak.

-- Also future outlook remains uncertain which fuels pessimism in the market.

-- Meanwhile, the sources also shared that there were no firm offers from India. Last offers were hovering at USD 395-400/MT CFR UAE.

Source: SteelMint Research