For the week ended December 23, which was the last significant trading week of the year, SteelOrbis reported offers from China on commercial-grade flat steel selections (1.0 mm) delivered to major Chilean ports moving up to $540-550/mt CFR for HRC, $630-640/mt CFR for CRC, and $655-685/mt CFR for HDG.
Market sources report export offers for HRC and CRC softening $10-25/mt for February shipment over the last week. Given the market fluctuations in the Chinese futures market, a source noted these price reduction may translate to an effective $15-30/mt drop in actual HRC and CRC deals. They also note thin trading as buyers wonder if prices may decrease further in the following week given the weaker Chinese domestic market reports, although, Chinese traders are maintaining offers short-term and warn of possible price hikes as Chinese New Year (week long holiday starting January 27) approaches and additional upward price moves after that holiday.
Sources note a few low volume deals closed at $500-505/mt FOB (between $520 to 530/mt CFR Chile, early February shipments) for HRC during the last week of December.