Asian hot-rolled coil prices remained steady Dec. 17 as higher raw material costs and recent developments in steel export licensing offset weak buying interest.
Platts assessed SS400 HRC of 3 mm thickness at $456/mt FOB China Dec. 17, unchanged day over day. The same grade was assessed at $456/mt CFR Southeast Asia, down $1/mt over the same period.
Export offers were rangebound at $460-$465/mt FOB China, with tradable levels heard at $455-$465/mt FOB China. The lower end of the tradable range was applicable to private mills, while the higher end was for mainstream mills, a China-based trader said.
A mainstream mill source gave similar tradable levels, which were unchanged week over week.
The source stated that HRC prices faced limited downward pressure following the announcement of China’s steel export licensing requirement.
An Eastern China-based trader said that higher raw material costs also provided some support to prices, but seasonal demand weakness capped any significant gains.
The most actively traded May HRC contract on the Shanghai Futures Exchange closed at Yuan 3,245/mt Dec. 17, down Yuan 1/mt day over day.
Platts assessed the spot price of Q235B 5.75 mm HRC at Yuan 3,270/mt ($464/mt) ex-stock Shanghai on Dec. 17, including value added tax, unchanged day over day.
In Southeast Asia, offers for wider-width Q235 grade coils held steady at $470/mt CFR Vietnam, with sellers’ tradable level heard at $467-$468/mt CFR.
“There are some rejected cargoes in transit, so those are the ones offered now,” a Vietnam-based trader said.
In the SAE1006 segment, Indian 30% 2 mm offers remained at $477/mt CFR Vietnam, with sellers reportedly willing to accept $475/mt CFR.
Indonesian 3 mm-thick offers were reported at $480-$485/mt CFR Vietnam, down $8/mt week over week, with bids reported at $470/mt CFR.
Offers from Japan and South Korea were reported at $500-$505/mt CFR Vietnam, while Chinese offers were heard at $480- $485/mt CFR.
Platts assessed SAE1006 HRC at $471/mt FOB China on Dec. 17, unchanged day over day. The same grade of coil was unchanged over the same period at $474/mt CFR Southeast Asia.
