Having traded some volumes previously, Chinese suppliers have begun raising their export offers, which had been at low levels for some time. As a result, other mills' prices have started increasing this week as well since the hikes in Chinese prices are expected to strengthen the market.
As a result, ex-China SS400 grade HRC offers for April shipment to the UAE have climbed to $710-730/mt CFR, up from $690-700/mt CFR in the previous week. Nevertheless, there are some more reports that certain suppliers are offering around $760/mt CFR for April shipment to the UAE.
Similarly, several Indian mills have begun improving their proposals and are currently offering $750/mt CFR for April shipment to the GCC market, rising from $720-730/mt CFR earlier. However, most Indian sellers state that they are now more focused on the EU market, but will begin offering to the GCC within the coming weeks.
“We are more focused on the European market and we are looking for late May-early June shipment. As soon as the market is ready to accept this shipment, we will come to market,” Indian exporter said to SteelOrbis.
Furthermore, after the Chinese price hikes, South Korea has also raised its HRC price, offering $800/mt CFR for May and June shipments to the UAE, up from $745/mt CFR a few weeks ago, while ex-Indonesia offers have increased to $785/mt CFR.
