Japanese HRC exporters cut prices, but less aggressively than expected

Monday, 02 September 2019 16:02:47 (GMT+3)   |   Istanbul
       

Japanese hot rolled coil (HRC) exporters have been following the downtrend in prices recently, but they have not become very aggressive, as had earlier been expected by market participants.

The latest offers for Japanese SAE1006 HRC (2 mm and above) have been heard at $490-500/mt CFR in the Middle East, Bangladesh and Vietnam. These levels correspond to $460-470/mt FOB depending on the destination. Some bookings have been heard in this range in Bangladesh and the Middle East, while activity in Southeast Asia has been weak due to tighter competition and overall subdued consumption in some countries. Offer prices from Japan to Vietnam have been heard at $490/mt CFR. But “some suppliers have even stopped offering as they understand that their prices are still very high compared to others,” a Japanese trader told SteelOrbis. The latest deals from India to Vietnam have been registered at $457-460/mt CFR.

Earlier there were expectations that Japanese mills would be more aggressive in the export market, selling October production HRC, due to higher production volumes after maintenance works in September. However, “producers are considering their plans at the moment,” a source said.

 


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