Global HRC & CRC Prices Stable Over New Year Holidays

Chinese HRC export offers remain stable amid holidays- The Chinese HRC market remains muted amid the ongoing Lunar New Year holidays. Meanwhile, the Chinese government has announced an extension of holidays in the wake of the Coronavirus outbreak.

Thus, the current HRC export offer continues to hover at USD 500-505/MT Fob China.

Meanwhile, the direction for the prices remains unclear until the market activities resume after the holidays.

Indian HRC export offers remain firm W-o-W- The Indian steel mills kept their export offers stable this week amid slowdown in trades across overseas nations.

Also, mute demand from Vietnamese and Chinese markets amid holidays kept the nation's HRC export offers largely stable.

Thus, the effective HRC offers continue to hover at USD 540- 550/MT CFR Vietnam.

Imported HRC offers to Vietnam stable amid Tet holidays- Vietnamese imported HRC market has been quiet this week amid the week-long Tet holidays until 31st Jan'20. Thus, the imported HRC offers from major exporting nations have remained unchanged amid muted inquiries from the Vietnamese importers.

Current HRC export offers to Vietnam-

1. HRC (SAE 1006) 2mm, China- Rizhao Steel's offer unchanged at USD 517- 520/MT CFR basis, remain unchanged this week.

2. HRC (SAE 1006) 2mm, China- Benxi is offering at USD 520-525/MT CFR basis, unchanged over the previous week.

3. HRC (SAE 1006) 2mm, South Korea- Hyundai Steel's offer continues to hover at USD 520-530/MT CFR basis.

4. HRC (SAE 1006) 2mm, Russia- MMK steel is offering at USD 505/MT CFR basis.

5. HRC (SAE 1006) 2mm, Japan- JFE steel's offers hover at USD 520/MT CFR basis.

CIS-origin HRC export offers remain unaltered W-o-W- The CIS origin HRC export offers also were consistent on a weekly premise.

Thus, the current HRC export offer remains poised at USD 475-490/MT FoB Black Sea at par with the previous week's offer.

Source: SteelMint Research