Export prices for Chinese CRC mellowed in the past week on slowing demand in both the domestic China and overseas markets, while those for hot-dipped galvanized coil continued to increase.
*** Chinese CRC
Fastmarkets’ weekly price assessment for steel cold-rolled coil, export, fob China main port was $660-665 per tonne on Tuesday December 1, narrowing by $5-10 per tonne from $650-670 per tonne cfr a week earlier.
Chinese mills offered January-shipment cargoes at $690 per tonne fob China during the week. These are $5-20 per tonne higher week on week.
“Spot market demand shrank considerably this week after a spurt of buying activity by South American buyers in the past few weeks,” a trader in eastern China Fastmarkets on Tuesday December 1.
*** Chinese CRC , price assessment
Fastmarkets’ weekly price assessment for steel CRC, domestic, delivered Eastern China was 5,150-5,190 ($783-789) per tonne last Friday, widening upward by 20 yuan per tonne from 5,150-5,170 yuan per tonne a week earlier.
Cooling demand in China’s domestic market also weakened sentiment.
“Some buyers are not willing to chase higher prices further, especially with steel mills already seeing very high margins,” a second trader in eastern China told Fastmarkets on Tuesday.
On the same day, Liaoning-based Benxi Iron & Steel raised its export offer for January-shipment CRC by $20 per tonne to $690 per tonne fob, while Shandong Iron & Steel increased its offer by $5 per tonne to $690 per tonne fob.
A major South Korean steelmaker raised its CRC offer by $20 per tonne to $710 per tonne fob in the past week.
*** Hot-dipped galvanized coil
Fastmarkets’ weekly price assessment for steel galvanized coil, 1mm, export, fob China was $685-690 per tonne on Tuesday, up by $10-15 per tonne from $670-680 per tonne a week earlier.
A Hong Kong-based trader said he was able to secure common-grade, regular-spangle 80gsm zinc-coated HDG from a mill in northern China at $670 per tonne fob, which is equivalent to about $685 per tonne fob for the 120gsm zinc-coated HDG that Fastmarkets assesses.
*** Chinese CRC , Benxi Steel
Benxi Steel increased its offer for January-shipment zero-spangle 140gsm zinc-coated HDG by $25 per tonne to $745 per tonne fob this week. These offers are equivalent to about $735 per tonne fob for the 120gsm zinc-coated HDG that Fastmarkets assesses.
Shandong Steel increased its offer for January-shipment 80gsm zinc-coated HDG by $5 per tonne to $705 per tonne fob. This is equivalent to about $715 per tonne fob for the 120gsm zinc-coated HDG that Fastmarkets assesses.
Tangshan Iron & Steel offered February-shipment zero-spangle 120gsm zinc-coated HDG at $725 per tonne fob.
*** Vietnam market
Vietnamese suppliers did not issue any export offers for HDG this week.
“Vietnamese galvanizers do not have any HDG export cargoes to offer now because they do not have enough HRC substrate to produce coated coil,” a galvanizer source in Vietnam said on Tuesday.
HRC supply in Vietnam has been extremely tight due to lower supply from domestic producer Formosa Ha Tinh Steel Corp, as well as fewer offers from suppliers in China, India, South Korea, Japan and Taiwan.
A major South Korean mill offered March-shipment HDG with 140gsm zinc coating at $800 per tonne fob during the week, up by $40 per tonne week on week.
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