Asian HRC prices fall amid weaker Chinese exports.

20 May 2024
Asian HRC prices fall amid weaker Chinese exports.

Asian hot-rolled coil prices fell May 14 amid weaker Chinese exports.

Mainstream Chinese mills had unsatisfactory sales, with their base price HRC offers still around $540/mt FOB China. “Only Tangshan region is doing better, others have difficulty in selling. Therefore when deals are few, actual deal levels are rangebound,” an eastern Chinese trader said.

However, tradable levels were deemed lower by market sources. A northern Chinese mill source said: “Hard to conclude at $540/mt FOB China.” A second eastern Chinese trader said even $535/mt FOB seemed like a long shot.

The most actively traded October contract on the Shanghai Futures Exchange closed at Yuan 3,771/mt on May 14, down Yuan 49/mt, or 1.4% on the day.

Platts assessed the spot price of Q235B 5.75 mm HRC at Yuan 3,820/mt ($528/mt) ex-stock Shanghai on May 14, including value added tax, down Yuan 20/mt day on day.

“Vietnam’s Formosa Ha Tinh Steel had its BIS (Bureau of Indian Standards) certificate renewed, which might impact prices [in Vietnam and India],” an Indian trader said.

Platts assessed SS400 HRC of 3 mm thickness down $2/mt on the day at $529/mt FOB China on May 14, while the same grade of coil weakened $6/mt on the day to $530/mt CFR Southeast Asia.

Platts assessed SAE1006 HRC down $3/mt on the day at $545/mt FOB China. The same grade of coil was also assessed down $3/mt on the day at $548/mt CFR Southeast Asia.

Source : S&P Global Commodity Insights

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