HRC offers prices from Chinese exporters have increased again on Thursday, November 19, after a number of sales to different destinations at high levels and firm demand in the domestic market.
Official offer prices from Chinese mills for SS400 HRC have been heard at $565-575/mt FOB, with the midpoint at $570/mt FOB $10/mt higher than the previous trading day.
The tradable value for SS400 HRC has been reported at $555-565/mt FOB. A contract to Pakistan has been reported at $578/mt CFR for this grade, which translates to $563/mt FOB. Bids from Vietnam have been heard at around $555/mt FOB. Some sales from mills to traders were heard in the first half of the week at this price level. Customers in South America have been able to pay higher prices at $560-570/mt FOB, which supported sentiments in the market.
For SAE1006 HRC from China, the latest bookings to Vietnam have been done at $570-575/mt CFR, $575/mt CFR, $575-580/mt CFR and $590/mt CFR. All the deals have been done this week. According to market sources, a fresh deal for 10,000 mt of Chinese SAE1006 HRC has been done at $590/mt CFR by one of the major re-rollers in Vietnam recently, but the majority of buyers have been bidding at not above $575/mt CFR so far. “There are still offers at $580/mt CFR [from China], but prices are increasing every day. Japan has already been offered at $600/mt CFR,” a local trader said.
The SteelOrbis reference price for imported HRC in Vietnam has been settled this week at $573-590/mt CFR, with the midpoint at $581.5/mt CFR, up by $4/mt from yesterday.
The average local HRC price level in China has reached RMB 4,105/mt ($627/mt) ex-warehouse on Thursday, up by RMB 20/mt ($3/mt) from a day earlier and RMB 80/mt ($12/mt) higher than a week ago, according to SteelOrbis.