Buyers, however, took a wait-and-see approach. “Prices have gone up too fast, so our customers cannot accept them straight away,” a trader said. “If someone needs to buy today, they would only buy on a hand-to-mouth basis.” The growth in prices has been fuelled by the increase in Chinese export prices for flat steel products, which have risen by $30-35 per tonne since the start of July. However, the country’s export HRC prices appeared to have hit a ceiling after six weeks of increases, as its domestic market has started to cool down.
Hot rolled coil
Metal Bulletin’s price assessment for CIS HRC exports was $500-510 per tonne fob Black Sea on Monday July 24, up by $35-40 per tonne from $465-470 per tonne fob last week. The assessment was at its highest point since September 2014. Russia-origin HRC was heard on offer to the Middle East-North Africa (Mena) region at $510-515 per tonne fob Black Sea. Offers of CIS-origin material in Turkey were heard at $530 per tonne cfr, which would be equivalent to about $515 per tonne fob Black Sea for Ukraine and $510 per tonne fob Black Sea for Russia. Bids from Turkish customers for CIS-origin material were heard at $510-520 per tonne cfr Turkey. This would be equivalent to about $490-505 per tonne fob Black Sea. Given the freight rate, bids for Ukraine-origin material were at the lower end of the range, while bids for Russia-origin material were at the higher end. “I have a gut feeling that the current rise in the market is not long-term, and may well come to an end by September,” a second trader said.
Cold rolled coil
Metal Bulletin’s weekly price assessment for CIS-origin CRC exports on Monday was $530-570 per tonne fob Black Sea, rising by $15-40 per tonne from $515-530 per tonne fob last week. Russia-origin CRC was heard on offer at $570 per tonne fob Black Sea for the Mena region. Offers of the country’s product in Turkey were heard at $590 per tonne cfr, or about $570 per tonne fob Black Sea. Ukraine-origin CRC was said to be offered to West Africa at about $555-560 per tonne fob Black Sea. However, market participants said that the workable prices were $525-535 per tonne fob for Egypt and about $535 per tonne fob for West Africa. Metal Bulletin’s China export CRC assessment was $530-540 per tonne fob on July 25.
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