China’s HRC prices gained in the domestic market on Monday September 14, but some exporters signed deals to Vietnam at prices below market averages.
*** China’s HRC market
Eastern China (Shanghai): ۳,۹۲۰-۳,۹۴۰ yuan ($574-577) yuan per tonne, up 20-30 yuan per tonne
Prices in Shanghai gained from Friday, following futures gains, but trading activity was merely moderate, sources told Fastmarkets. Overall demand was stable, but buyers were in no rush to restock given that HRC cargoes had been arriving from the north. Last month traders in the eastern China had booked large tonnages of HRC from the north, where prices were around 200 yuan per tonne below those in the east.
*** Export
Fastmarkets’ steel hot-rolled coil index export, fob main port China: $۵۱۹٫۱۳ per tonne, down $0.94 per tonne
An eastern China-based mill was offering SS400-grade China’s HRC of this week at $520 per tonne fob , down from $535-540 per tonne fob a week earlier. A Zhejiang-based trader said although domestic prices had recovered slightly, many exporters – along with some steelmakers – doing deals at less than the price trend expected for the next few weeks. That was partly because of the eight-day National Day holiday, starting from October 1, is likely to drag down production rate in China and thus dampen steel demand, he said.
He was among exporters accepting prices a bit below the market average since late last week, he told Fastmarkets, having signed an HRC deal at $520-525 per tonne cfr Vietnam recently. That is equivalent to $510-515 per tonne fob China. Other traders, meanwhile, said on Monday that they believed the lowest acceptable price for most major mills was around $520 per tonne fob.
*** Market chatter
“I agree with the exporter bidding short. I don’t believe the price rebounds will be long-lasting,” a Shanghai-based trader said.
*** Shanghai Futures Exchange
The most-traded January HRC futures contract closed at 3,786 yuan per tonne on Monday, up by 7 yuan per tonne from Friday.
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