Prices of hot-rolled coil in China’s domestic market edged lower on Tuesday July 27 and futures prices fell due to Covid-19 concerns and stock price tumbles weighing on market sentiment, sources told Fastmarkets.
A looming potential steel export tax, and more changes in value-added tax rebates for steel exports, are keeping export trades very thin, sources told Fastmarkets.
The international iron ore market is experiencing stagnant, bargain-free days due to environmental constraints, the Chinese government's entry into production and pricing, and floods and sandstorms in China. Steelmakers prefer to use low-grade iron ore, which puts pressure on the iron concentrate market. For this reason, price drops in this area are also possible.
Vale mine, which is one of the largest mines for the production of iron ore, nickel and copper in the world, has been delayed due to some disruptions in the production process of iron ore. Existence of excess supply factor has caused this mine not to rush to reform the process in this area.
A barrage of import steel billet deals have been concluded with Chinese buyers this week at progressively higher prices, sources told Fastmarkets on Friday July 23.
Spot demand for imported hot-rolled coil in Vietnam dipped in the week to Friday July 23 after major domestic producers in the Southeast Asian country issued new offers.
Domestic prices for hot-rolled coil in China cruised higher on Friday July 23 after the country’s third-largest steelmaking province announced a ceiling for its crude steel output for 2021.
Export prices for steel hot-rolled coil products from the Commonwealth of Independent States region were stable over the week to Monday July 19 with deal prices almost unchanged from the previous week.
Hot-rolled coil prices across China’s domestic market edged lower on Friday July 16, while futures prices dropped to a one-week low following Beijing’s fresh pledge to ensure stable supply and prices for commodities.
Hot-rolled sheet prices in Russia's Central Federal District around Moscow drifted down in the week to Monday July 12, with some producers considering lowering their offer prices to generate buying interest, sources told Fastmarkets.