Export offers rangebound on the day Mainstream offers reported at $475/mt FOB Bayuquan Asian hot-rolled coil prices were mixed March 4 as a weaker
Chinese yuan and cautious buying sentiment weighed on the market, resulting in limited trading activity.
Platts assessed SS400 HRC of 3-mm thickness at $465/mt FOB China on Mar. 4, unchanged day over day. The same grade was assessed at $495/mt CFR Southeast Asia, down $1/mt day over day.
Export offers were rangebound day over day at $467-$480/mt FOB China, with a Northern China mill lowering offers by $4/mt to $469/mt FOB Jingtang, while others kept offers steady.
A Singapore-based trader said the lower offers were likely due to the weakening yuan and slow sales.
An eastern China-based trader said trading was “rather muted” March 4, as most market participants were awaiting information from the Two Sessions meeting.
Mainstream offers were reported at $475/mt FOB Bayuquan, with tradable levels heard at $5/mt lower. Buying ideas specifically for mainstream material were reported at $467-$470/mt FOB Bayuquan, though the eastern China-based trader said demand remained subdued.
The most actively traded May HRC contract on the Shanghai Futures Exchange closed at Yuan 3,212/mt March. 4, down Yuan 7/mt, or 0.2%, day over day.
Platts assessed the spot price of Q235B 5.75 mm HRC at Yuan 3,240/mt ($468/mt) ex-stock Shanghai March. 4, including value added tax, down Yuan 10/mt day over day.
In Vietnam, offers were significantly fewer as the Indian market was closed for Holi March 3-4.
Chinese 3 mm-thick regular-width coils were reported at $494/mt CFR Vietnam, down $2/mt day over day. Wider-width coils of above 1,800 mm width were offered at $498/mt CFR Hai Phong and $501/mt CFR Ho Chi Minh, down $3/mt day over day.
“The market is very quiet, which is not strange given the current market condition,” a Vietnam-based trader said.
Platts assessed SAE1006 HRC at $480/mt FOB China on Mar. 4, unchanged day over day. The same grade of coil was down $1/mt over the same period at $495/mt CFR Southeast Asia.
---Platts is part of S&P Global Energy.
