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| Chinese HRC export offer prices fall ahead of Lunar New Year | ||
| Chinese spot offer export prices for hot rolled coil have fallen further in Southeast Asia but buying interest is thin. Commercial quality 3mm HRC offers from China are prevailing at $540-560/tonne fob, $10/t lower from a week ago. HRC 2-2.5mm thick is offered at $580-590/t cfr, around $20/t down from 2-3 weeks ago, trading sources tell Steel Business Briefing. The Taiwanese mills are offering their HRC at $600-605/t fob which includes thinner gauges. “These offers will include around 30-40% of 2mm and below, down from $620/t fob before,” a trader in Taiwan says. This offer price is not attractive enough and may slip under $600/t fob after the Lunar New Year, he believes. Korean-origin 2mm-base commercial quality HRC is offered at around $590/t cfr Vietnam, compared to offers exceeding $600/t cfr previously. “There is not so much buying. Everyone is winding down before the Chinese New Year,” a trader in Hong Kong tells SBB. Trading sources note that the Chinese mills were recently active in making export offers. “Chinese domestic prices have been under pressure. The mills want to release cargoes in order to reduce their inventories,” another trader says. Small-volume regional buying is still taking place, he adds. “The markets are slowing down before Lunar New Year. Countries such as Vietnam and Taiwan also celebrate and would want to wait-and-see,” he says. Market views following the Lunar New Year are conflicting. “Suppliers want to push up prices because they say raw material prices will go up. But buyers are saying that prices will come down,” says a Vietnamese trader. | ||
