China's HRC export prices still high, but transactions down

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China's HRC export prices still high, but transactions down

KEYWORDS: China , HRC export prices , hot rolled coil export prices

China's export prices for hot rolled coil remained high on Monday November 19, but trading has fallen amid soft demand and fierce competition.

Base export transaction prices for commercial-grade, boron-containing HRC were at the $540-550 per tonne fob range for January shipment.

Base export offers were also unchanged from last week at $550-560 per tonne fob.

"Transactions are quite low for the moment," a trader in Shanghai said. Demand for HRC has been very low, according to the trader. Steelmakers, however, have not yet adjusted their export offers.

"We suspended our quotes for HRC exports for several days. We expect to announce new prices later this week." a sales director with Hebei Steel said.

The steelmaker is still hoping to push up export offers by citing the healthy domestic market. If orders fall short, some of the material allocated for export will be transferred to the domestic market, the director said.

Traders say there is little chance for them to secure any export business at the moment.

It remains to be seen whether the domestic HRC market will remain strong since spot prices for the product haven't risen since early last week and even saw a drop in the period.

“Chinese steelmakers are likely to pay close attention to how domestic prices and sales turn out in the next few days before setting new export prices,” another trader in Zhejiang province said.

South Korean and Japanese steelmakers are still exporting HRC at prices that are quite low, which depressed Chinese HRC exports.

Korean and Japanese exporters are selling HRC at $510-520 per tonne fob now, traders said.

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