On April 28, SteelOrbis reported ex-China offers on flats to Chile trending down with HRC import offers at $450-460/mt CFR, CRC import offers at $500-505/mt CFR, and HDG import offers at $575-585/mt CFR.
On May 8, Chinese origin import offers into Chile have been reported for HRC at $450-465/mt CFR, CRC at $490-505/mt CFR, and HDG at $575-590/mt CFR.
The most recent offer prices reflect an increase of $5/mt on the top of the previous HRC and HDG ranges. In contrast, CRC import offers reflect a decline of $10/mt on the bottom of the previous range while maintaining the top of the previous range. According to sources close to SteelOrbis, the volatility in the domestic and export Chinese steel markets have resulted in the mixed movement of offer prices as sellers “seek to time the market and gain upward traction.” A source noted that some buyers are adopting a wait-and-see attitude due to concerns of Chinese steel market sustainability given the high inventories, news of a weak Chinese domestic market, and ineffective policies regarding output limits. Other buyers hope the market may be reaching stability while remaining watchful of further market information.