- Write by:
-
Sunday, March 22, 2020 - 12:35:41 PM
-
1134 Visit
-
Print
Mining News Pro - According to SteelMint, Chinese HRC export offers decline as importers turn bearish.
According to Mining News Pro - Chinese HRC export offers decline as importers turn bearish.
--The nation`s HRC export offers dipped by USD 5-10/MT this week with overseas importers turning bearish amid global spread of corona-virus.
--Also, Chinese steelmakers have resumed work after several days of suspension resulted to higher inventories and in turn pulled down HRC offers this week.
-- The current export offer is being assessed at USD 455-470/MT FoB China, which was USD 460-480/MT FoB basis a week ago.
-- Meanwhile HRC prices in nation’s domestic market is hovering around RMB 3,480- 3,500/MT in Eastern China and RMB 3,360/MT down by RMB 20/MT D-o-D basis in Northern China.
Indian HRC export prices remain under pressure amid low buying interest
-- Indian HRC export offers to Vietnam are at USD 460-465/MT CFR Vietnam followed by competitive offers from other major exporting nations
-- Meanwhile last week, two major steel manufacturers had booked 20,000 MT HRC each for HRC exports at USD 465/MT CFR Vietnam for April delivery.
-- However, in the European market, it is getting hard to export HRC as the rising cases of corona-virus contingent have provoked a lock-down in the consortium of European countries.
Indian mill books HRC for exports to UAE
-- In a recent conversation with market participants, an Indian steel producer has booked a small parcel of 9,000 MT HRC (S355JR) for April shipment. The deal price could not be confirmed at the time of publishing this report.
-- However, sources also informed that big buyers have opted for `wait-and-watch` approach and are still holding back on booking deals.
Imported HRC offers to Vietnam fall further
-- The imported HRC offers in Vietnam move down further on competitive offers from major exporting nations.
-- On the wake of the dampening sentiments as the corona-virus cases seeped into the Asian continent Formosa Ha Tinh announced a significant cut of USD 40/MT in its HRC (skin pass) and offering at USD 480/MT CIF Ho Chi Minh.
Current imported HRC offers to Vietnam
-- HRC (SAE 1006, 2mm), China- Benxi is offering at USD 463-465/MT CFR basis which was at USD 473/MT in the previous week.
-- HRC (SAE 1006, 2mm), Japan- Nippon Steel is offering at USD 470/MT CFR basis unchanged over the previous week`s offers.
-- HRC (SAE 1006, 2mm), Japan- Kobe Steel continues to hover at USD 465/MT CFR basis consistent over previous week offers.
-- HRC (SAE 1006, 2mm), South Korea- Hyundai Steel is offering at USD 475/MT CFR basis.
HRC import in Pakistan slumps with less trade activities
-- The steel market started to witness a decline in trade activities as the impact of corona-virus was felt in the nation.
-- As per sources, few re-rollers had booked HRC from Japan at around USD 500/MT CFR Pakistan
-- Also, several HRC shipments from China were delayed following the dampening domestic market sentiments.
-- Meanwhile, the depreciation of PKR (Pakistani Rupee) against USD also led to an increase in the landed cost.
CIS nations HRC export offers down by USD 10/MT
--This week CIS HRC export offers moved down by USD 10/MT and are offering at USD 455-460/MT FoB China as compared to USD 465-470/MT.Nation lowered its HRC offers on sparse buying.
Short Link:
https://www.miningnews.ir/En/News/505370
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Australia’s Fortescue on Wednesday logged a larger-than-expected decline in third-quarter iron ore shipments, following ...
The London Metal Exchange is imposing new rules surrounding the movement of metal in its warehousing network, taking aim ...
Canada has granted Airbus a waiver to allow it to use Russian titanium in its manufacturing after becoming the first ...
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
Interros, Nornickel’s largest shareholder, on Monday called allegations by fellow shareholder Rusal about undervalued ...
A Russian arbitration court ruled on Monday that four units of Swiss commodities trader Glencore will pay more than 11.4 ...
No comments have been posted yet ...