Export prices for China’s CRC and hot-dipped galvanized coil increased in the week to Tuesday October 14 in the wake of rising domestic values and a stronger exchange rate after China’s Golden Week national holiday.
*** China’s CRC
Fastmarkets’ weekly price assessment for China’s CRC , export, fob China main port was $600-610 per tonne on Tuesday, up $15-20 per tonne from $585-590 per tonne cfr in the week of September 29.Chinese mills increased their export offers to $605-615 per tonne fob China, compared with $600-605 per tonne fob China before the holiday, in line with increasing domestic steel prices.
***Spot market for China’s CRC
“The spot market is seeing limited trades for now due to the increase in prices and buyers are not willing to buy at these levels,” a Chinese trader told Fastmarkets on Tuesday October 13.But some domestic traders have been buying from mills, with a trader based in Zhejiang province having purchased small tonnages of CRC from a northern China-based mill earlier this week at around $600 per tonne fob.
She did not disclose the full details of the deal, but a Shanghai-based trader said it was to replenish goods for the delivery of deals signed last month.
*** China’s CRC in East
Fastmarkets’ weekly price assessment for China’s CRC , domestic, delivered Eastern China was 4,720-4,750 ($702-706) per tonne last Friday, up by by 60-80 yuan per tonne from 4,640-4,690 yuan per tonne in the previous week.On Tuesday, Liaoning-based Benxi Iron & Steel maintained its export offer of $605 per tonne fob for December-shipment CRC, while Shandong Iron & Steel increased its offer by $15 per tonne to $600 per tonne fob.
A major South Korean steelmaker increased its CRC offer by $10 per tonne to $630 per tonne fob in the past week.
***Hot-dipped galvanized coil
Fastmarkets’ weekly price assessment for steel galvanized coil, 1mm, export, fob China was $620-630 per tonne on Tuesday, widening upward by $10 per tonne from $620 per tonne a week earlier.
Benxi Iron & Steel maintained its offer for December-shipment zero-spangle, 140-gram-per-square-meter zinc-coated HDG at $655 per tonne fob, while Shandong Iron & Steel offered December-shipment zero-spangle, 80gsm zinc-coated HDG at $635 per tonne fob.
These offers are equivalent to about $645 per tonne fob for 120gsm zinc-coated HDG.
“Steel mills are aiming for higher prices now, not just because of higher domestic prices, but also because the yuan has strengthened relative to the US dollar,” a Chinese trader told Fastmarkets on Tuesday October 13.
Market sources said major steel mills were willing to sell material at $620-630 per tonne fob China if there were any buyers interested in purchasing. For reference, Fastmarkets’ price assessment covers 1mm 120gsm zinc-coated HDG.
Vietnamese suppliers also maintained their offers for HDG with 80gsm zinc coating to the rest of Southeast Asia at $670 per tonne cfr, which is equivalent to around $650 per tonne fob Vietnam.
Sources said a major South Korean steel mill was offering HDG with 140gsm zinc coating at $700 per tonne fob during the week, up by $20 per tonne week on week.
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