On February 16, SteelOrbis reported flat product export offers for March and April shipments from China to Chile as moving up to $545-555/mt CFR for HRC, $645-650/mt CFR for CRC and $670-680/mt CFR for HDG. These offers reflected an increase of $20-25/mt from late January offers across the three products.
While most offers did initially increase in the ranges above, sources near the market are noting to SteelOrbis today that some offers began circulating as “soft-negotiable” below the ranges initially stated. According to one source, a few offers were heard adjusting down $10/mt to $660-670/mt CFR for HDG to attract interest.
A few offers for HRC and CRC were also heard moving down $10/mt to $535/mt CFR and $635/mt CFR, respectively, to attract interest.
According to sources, dealers are informing buyers that as the Chinese domestic market is experiencing stronger demand, raw material prices are firming up, and global steel prices are showing strength, offers to Chile will be less flexible and will remain within the ranges initially reported on February 16. Buyers, on the other hand, are expected to continue placing downward pressure on offers as offers are considered too high.