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Mining News Pro - According to SteelMint, Chinese HRC export offers decline as importers turn bearish.
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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.


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