Cold rolled coil
Metal Bulletin’s assessment of prices for November shipments of SPCC 1.0mm CRC was $615-620 per tonne fob for the week ended Tuesday September 19, up $5 per tonne from a week earlier.
A Shanghai-based export trader said he had sold 1,000 tonnes of CRC at $615 per tonne fob to Southeast Asia last week while a counterpart of his in Hangzhou reported a sale involving a small shipment to the Middle East done at $620 per tonne fob.
Though these prices are largely seen as “unreasonable” due to their tight spread with those for hot rolled coil, some export traders are of the opinion that they are better than nothing amid the slack overseas demand at the moment.
“Some markets have accepted export prices of $595-600 per tonne fob for HRC in the last two weeks, but they refused to pay anything more than $620 per tonne fob for CRC,” the Hangzhou-based export trader said. The spread between prices for HRC and CRC is typically above $30 per tonne due to the higher production cost of the latter, he added.
The recent weakness in the domestic market has led major mills in the country to lower their offers to $625 per tonne fob this week, $5 per tonne lower compared with those a week ago.
Two export traders in China are expecting transaction prices of around $610 per tonne fob this week, though they reckon export prices should remain steady if the domestic market were to turn around over the next two days.
Domestic prices for CRC in Shanghai have weakened for a second consecutive week. They were at 4,640-4,680 yuan ($705-711) per tonne on Tuesday, down 50-60 yuan per tonne week on week.
Hot dipped galvanized coil
Meanwhile, China’s HDG export market appears to be losing some steam.
Metal Bulletin’s assessment of prices for November shipments of 1.0mm 120g zinc-coated HDG was $670-675 per tonne fob for the week to Tuesday, narrowing upwards by $5 per tonne from a week earlier.
The trader in Hangzhou said that he had sold small cargoes of HDG over the past week to Thailand, Vietnam, the Middle East and South America at $670-675 per tonne fob.
Three other export traders said they had not sold anything over the past three weeks as bids were too low for them to accept.
Major Chinese mills lowered their offers for HDG to $675-680 per tonne fob on Tuesday, down $10 per tonne on the week.
plate
China’s plate export prices retreated over the past week after a further softening of the country’s domestic market.
Metal Bulletin’s assessment of prices for November shipments of commercial-grade, chromium-added plate was $550-555 per tonne fob for the week ended Tuesday September 19, down $5-10 per tonne compared with a week earlier.
Chinese mills accepted lower prices over the past week amid growing concerns of a turning point – and further downside – in the domestic market, according to participants.
A Beijing-based export trader sold small cargoes of plate at $550-555 per tonne fob last Thursday, though he declined to reveal the destination of those shipments, while a Hangzhou-based exporter concluded transactions at $555 per tonne fob to South Korea last week.
Domestic prices for commercial-grade 14-20mm plate in Shanghai were at 4,050-4,080 yuan ($615-620) per tonne including VAT on Tuesday, down 60-70 yuan per tonne from a week earlier.
After two consecutive weeks of price drops in China’s home market, Liaoning-based Minmetals Yingkou Medium Plate (Yingkou), one of the country’s top plate producers and exporters, set its offer for this week at $560 per tonne fob on Tuesday, down $5 per tonne from a week earlier.
Two export traders indicated that Yingkou could accept a price of around $550 per tonne fob this week amid concerns over the diffculty in securing orders since the domestic market appears to be heading into a third week of price drops.
Source: Metal bulletin
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