A surging Asian flat steel market is supporting export prices for Chinese cold-rolled coil and hot-dipped galvanized coil.
*** Asian flat steel , Cold-rolled coil
Fastmarkets’ weekly price assessment for steel cold-rolled coil, export, fob China main port was $640-650 per tonne on Tuesday November 17, up by $20-25 per tonne from $615-630 per tonne cfr a week earlier. Chinese mills offered January-shipment exports at $655-670 per tonne fob China during the week, widening upward by $15 per tonne.
Surging domestic prices in China as well as stronger demand among overseas buyers supported these increases. Increasing prices for hot-rolled coil upstream were also another supporting factor.
Fastmarkets’ weekly price assessment for steel CRC, domestic, as a Asian flat steel delivered Eastern China was 5,050-5,080 ($769-774) per tonne last Friday, up by 110-140 yuan per tonne from 4,910-4,970 yuan per tonne a week earlier. On Tuesday, Liaoning-based Benxi Iron & Steel raised its export offer for January-shipment CRC by $30 per tonne, to $655 per tonne fob, while Shandong Iron & Steel increased its offer by $45 per tonne, to $670 per tonne fob.
A major South Korean steelmaker maintained its CRC offer of $640 per tonne fob in the past week.
*** Hot-dipped galvanized coil
Fastmarkets’ weekly price assessment for steel galvanized coil, 1mm, export, fob China was $655-665 per tonne on Tuesday, up by $10-20 per tonne from $635-655 per tonne a week earlier. A Shanghai-based trader said a mill in northern China had sold 3,000-4,000 tonnes of 120gsm zinc-coated zero-spangle HDG of SGCC grade to Southeast Asia last week at $660 per tonne fob.
He said a trading company also bought some 120gsm zinc-coated HDG (regular spangle) from a Chinese mill at $655 per tonne fob last week, which was the lowest achievable level in China at that time.
Benxi Steel maintained its offer for January-shipment zero-spangle, 140gsm zinc-coated HDG as a Asian flat steel at $705 per tonne fob this week. These offers are equivalent to about $695 per tonne fob for the 120gsm zinc-coated HDG that Fastmarkets assesses.
Shandong Iron & Steel increased its offer for January-shipment 80gsm zinc-coated HDG by $10 per tonne, to $685 per tonne fob. This is also equivalent to about $695 per tonne fob for the 120gsm zinc-coated HDG that Fastmarkets assesses.
Competing Vietnamese suppliers offered HDG at $730 per tonne cfr Southeast Asia during the week. This is $50-60 per tonne higher than their offers of $670-680 per tonne cfr two weeks earlier.
“This is equivalent to around $695 per tonne cfr Southeast Asia for Chinese cargoes due to the tax-free status that Vietnamese cargoes enjoy within Southeast Asia,” a Chinese trader told Fastmarkets on Tuesday. A major South Korean steel mill offered December/January-shipment HDG with 140gsm zinc coating at $720 per tonne fob during the week, up by $10 per tonne week on week.
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