Chinese HRC suppliers have continued to actively sell their materials to buyers all over the world supported by significant global demand growth caused by the disappearance of Ukrainian and Russian HRC. Besides, China HRC is still the most competitive among all foreign suppliers despite the increase in its prices.
Accordingly, Chinese traders have managed to sign several deals for SS400 HRC (50,000 mt in total) at around $870/mt CFR Vietnam this week. Besides, around 50,000 mt of SAE106 HRC have been sold to Vietnam at $910/mt CFR, compared to the latest deals done last week at $870-910/mt CFR. Meanwhile, Pakistani SAE1006 HRC buyers who received new ex-China offers at $960-970/mt CFR, up by $50-60/mt week on week, have reported new deals done through traders at $930/mt CFR this week. Furthermore, several deals for ex-China SS400 HRC have been signed with South Korean pipe makers at $860-875/mt CFR this week.
In the meantime, apart from the traditional Asia market, Chinese HRC suppliers have managed to sell large volumes to other countries, making use of the absence of Russian and Ukrainian HRC suppliers. Thus, after Chinese suppliers of HRC sold around 200,000 mt in total to Turkey at $940-960/mt CFR at the beginning of last week and then at $990-1,000/mt CFR by the end of last week, information about an additional volume of up to 100,000 mt purchased mainly at $1,020-1,030/mt CFR appeared in the market this week, though some sources say that the bookings started from $1,000/mt CFR and that the confirmed volume is around 30,000-35,000 mt for now. Besides, HRC buyers in the UAE have also reported several bookings for Chinese coils at $1,000-1,050/mt CFR depending on the material specification.
