Indian Steel Mill Books 20,000 MT HRC for Export to Vietnam

SteelMint learnt from market sources that major Indian mill based in eastern region has recently concluded an export deal to Vietnam for October shipments. The deal has been concluded for 20,000 MT of HRC to Vietnam in the range of USD 588-590/MT CFR basis for October shipment. Indian Rupee has depreciated to 71.5 against USD as it was trading at 70 against USD a week ago.

Previously Indian mills were offering HRC to Vietnam in the range of USD 595-600/MT CFR Vietnam for September shipments.

Chinese HRC export offers remain firm-This week Chinese HRC export offers remain firm amid lackluster demand in export market.Overseas buyers are bidding on lower side amid limited buying.

Currently Chinese HRC export offers heard around USD 575-580/MT, FoB China.Payment are made on letter of credit basis for 1,000-10,000 MT.However last week the offers was in range of USD 580-580/MT FoB basis.

On other hand domestic prices move up by RMB 10-20/MT on D-o-D basis.Prices of HRC in the domestic market are gauged at RMB 4,360- 4,390/MT (ex-works) in Eastern China and 4,250-4,270 /MT in Northern China as Chinese steel mills are anticipating improved demand in construction sector in domestic market.

Imported HRC offers to Vietnam from China remain steady-Imported HRC offers to Vietnam from China remain stable over limited happening in Vietnam market.Dull and sluggish has kept imported HRC offers firm.

Current HRC trade offers to Vietnam - Week 36, 2018
1.HRC (SAE 1006) 2-3mm / Chinese offer - Rizhao Steel at USD 592/MT CFR Vietnam.

2.HRC (SAE 1006) 2-3mm / Chinese offer -Angan Steel at USD 592/MT CFR Vietnam.

3.HRC (SAE 1006) 2-3mm / Russian offer - MMK Steel Offer at USD 588-590/MT CFR basis.

4.HRC (SS 400)/ Chinese offer- Baosteel Steel Offer at USD 600/MT CFR basis.

5.No active offers from Turkey steel mills for imported HRC to Vietnam.

CIS origin HRC export offers decline by 5-10/MT - CIS nations reduce HRC export offers by USD 5-10/MT this week over subdued demand.Meanwhile Turkish currency Lira witness currency devaluation results to fall in Russian HRC prices in export offers.

Thus HRC export offers is hovering around USD 535-540/MT FoB Black Sea.However previously nation’s HRC export offers was assesed at USD 540-550/Mt FoB basis.

Global HRC Trade Updates- Week 36,2018

Source-SteelMint Research