China has been interested in slab imports recently, which, given the falling demand for HRC in the global market, has attracted a number of foreign sellers. Prices in import slab deals have been $20-30/mt lower on average compared to deals signed earlier this month.
A contract for Indonesian slabs has been signed at $380/mt CFR China, according to sources. Moreover, Indian exporters have been interested in sales to China, offering at $380-385/mt CFR, though a deal has been reported at $373/mt CFR China. “We will reduce production due to problems with logistics and staff,” one Indian producer said, adding that crude steel production will continue anyway.
A total of up to 100,000 mt of Russian slabs from the Black Sea region has been traded at approximately $365/mt CFR China, according to the reports in the market, which is $30/mt below the previous transactions to this destination earlier in March. Offers from Russia’s Far East have been heard at $385/mt CFR China.
Sources have been widely discussing the fact that bid prices from China have already fallen to $350/mt CFR, which has been attributed mostly to ample supply, rather than to the bad situation in the HRC segment in China.
