Chinese plate exporters raised their offers after an eight-day break to mark the country’s National Day amid domestic price gains despite thin trading.
*** Chinese plate
Fastmarkets’ price assessment for December shipments of Chinese plate , fob main port was $510-515 per tonne for the week ended Tuesday October 13, up by $5 per tonne from $505-510 per tonne fob for the week ended September 29, the last week before the October 1-8 Golden Week holiday.
A Zhejiang-based trader said he could secure cargoes at prices as low as $510-515 per tonne fob from major mills despite them officially asking for $520-530 per tonne fob this week.
Before the holiday, the lowest achievable prices were $505-510 per tonne fob.
The increase came amid domestic price gains.
Fastmarkets’ weekly price assessment for domestic Chinese plate , delivered whs eastern China was 3,950-4,000 yuan ($587-595) per tonne last Friday, up by 30-60 yuan per tonne from 3,920-3,940 yuan per tonne on September 30.
A trader in Anhui province said trading activity in China’s domestic plate market was moderate, but sellers were insisting on raising offers amid rising prices in the overall flat steel market.
***hot-rolled coil
Fastmarkets’ daily price assessment for steel hot-rolled coil domestic, ex-whs Eastern China was 3,920-3,940 yuan per tonne on Tuesday, up by 110 yuan per tonne from 3,810-3,830 yuan per tonne on September 30 – the last working day before the holiday.“The weak dollar also motivated us plate producers to raise export offers, although the US currency rebounded recently after China cut its reserve requirement ratio to 0% for currency transactions,” a source at a mill in northern China said.
***Chinese currency
The exchange rate was at 6.69 yuan to $1 on October 11, compared with 6.83 yuan per $1 a month earlier, according to Oanda.com.
But on Tuesday, the Chinese currency retreated to 6.72 yuan per $1.The mill in northern China is asking for $530 per tonne fob for its plate this week, up by $5 per tonne from $525 per tonne fob before the holiday.
A second mill in northern China issued offers of $520 per tonne fob, though traders expect $515 per tonne fob to be a workable price. Before the holiday, the mill was heard to be selling its products at $510 per tonne fob.
*** Chinese plate in South America
Export trading activity in China was thin in the past week, with few buyers in South America bidding after the recent price increases.
A second Zhejiang-based trader said he had heard about a buyer in the Philippines bidding at $507-510 per tonne fob. Few mills would be willing to sell at these levels, he said.
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