Ex-China flats offers to Chile trend down further on Chinese slowdown

Monday, 17 April 2017 21:26:49 (GMT+3)   |   San Diego
       

For the week ended April 7, SteelOrbis reported flat import prices from China to Chile for HRC at $500-510/mt CFR, CRC at $550-565/mt CFR, and HDG at $615-625/mt CFR, all prices to main Chilean ports and down from prices reported at the end of March.

On April 17, sources are reporting a further downtrend in prices resulting from the Chinese economic slowdown that has resulted in weak domestic demand and increased inventory levels, which are translating into lower export offers.

Offers on flat steel products from China to Chile for delivery in May and early June are currently being reported at $470-475/mt CFR for HRC, $525-540/mt CFR for CRC, and $580-590/mt for HDG. These prices reflect a decline of $30/mt from the bottom of the previous HRC range and $25/mt from the top of the HRC range, a decline of $25/mt CFR on CRC, and a decline of $35/mt on HDG.

Heavy plate offers to Chile are also trending downward. Over the week ended April 7, prices moved down to $500-505/mt CFR and have currently slid further to $475-485/mt CFR main Chilean ports. The latest price range reflects a drop in prices of $25/mt from the bottom of the previous range and $20/mt from the top of the previous range.

Chilean steel imports from China reached 248,000 mt in the first two months of 2017, up 30 percent compared to 191,000 mt in the same two months in 2016. One source noted, “As offer prices from China have slid, I can see the trend of increased import volumes continuing for March through May, once the volumes get reported.”


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