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Thursday, February 27, 2020 - 12:02:01 PM
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Mining News Pro - According to a report by SteelMint, here is the weekly report for HRC and CRC Market review.
1. Chinese HRC export offers rebound on a weekly premise- Chinese HRC exports moved up by USD 5-15/MT W-o-W to USD 475-485/MT FoB China as compared with USD 460-480/MT a week earlier.
--The gradual resumption of the industrialists and the rebounding domestic HRC prices are being attributed as reasons behind the rebound in the export offers.
--Domestic HRC prices also witnessed an uptrend by RMB 10/MT on a D-o-D basis at RMB 3,560-3,570/MT (eastern China).
2. Imported HRC offers to Vietnam from China rise– HRC offers to Vietnam from China increased against last week. Current imported HRC offers to Vietnam-
--HRC (SAE 1006) 2mm, China- Benxi continues to hover at USD 478/MT CFR basis similar to yesterday’s offer. Previous week offer- USD 470/MT CFR basis.
--HRC (SAE 1006) 2mm, China- Baosteel offer is at USD 478/MT CFR basis remains unchanged over yesterday’s offer. Previous week offer- USD 470/MT CFR basis.
--HRC (SAE 1006) 2mm, China- Chunghung Steel’s offer is at USD 485/MT CFR basis. Previous week offer- USD 490/MT CFR basis.
--HRC (SS400), China- offer stands at USD 475/MT CFR basis consistent against the previous day’s offer.
--HRC (SAE 1006) 2mm, Japan- Nippon Steel is offering at USD 495/MT CFR basis, stable over the previous day’s offer.
--HRC (SAE 1006) 2mm, South Korea- Hyundai Steel is offering at USD 495/MT CFR basis, consistent with the previous day’s offer.
--Vietnamese domestic integrated steel manufacturer Formosa Ha Tinh kept its HRC (skin pass, SAE1006) prices unchanged at USD 520/MT for Apr’20 deliveries.
--Indicative offers from Indian steel mills is around USD 495-510/MT CFR basis.
3. UAE books HRC from India-
--Major Indian steelmaker booked around 20,000 MT HRC to UAE in levels of USD 505-510/MT CFR basis for March-end-April delivery, SteelMint confirmed from trades sources based in UAE and India.
--Also, offers from Chinese mills for HRC (SAE1006) are at USD 485-490/MT CFR basis.
4. CIS export offers marginally down on weak sentiments-
--The CIS origin HRC export offers further softened by USD 5/MT on a weekly premise. This decline came in response to a lull in the domestic demand. Also, importers are anticipating further fall in prices due to bearish sentiments in the domestic market.
--The nation’s offers stand at USD 465-475/MT FoB Black Sea in comparison with USD 460-480/MT FoB basis a week ago.
--The Russian steel giant Magnitogorsk Iron & Steel Works (MMK) is to undergo a shutdown to reconstruct its hot-rolled products Mill-2500, early in March’20 for 110 days. This can lead to short supply and push HRC offers in the near term.
Short Link:
https://www.miningnews.ir/En/News/493694
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