Chinese HRC exporters are gradually
returning from holidays. Some mills have already announced increases, but
market insiders doubt that higher prices can be accepted anywhere.
Only two large mills, Benxi Iron & Steel and Baotou Steel, have already
started offering to Vietnam and the Middle East, Metal Expert learnt from the
importers. Both producers have increased prices for SS400 HRC by $5-15/t to
$390-395/t FOB. Products for re-rolling (SAE1006) with 2 mm thickness are being
offered by Benxi Iron & Steel at $415/t CFR Vietnam ($400/t FOB), which is
$10/t above pre-holiday quotes.
Foreign buyers are in no hurry to accept higher prices from China, as they are
sure it is just a “short-term attempt to increase offers after holidays.” The
price decrease will come to the market in a week, a Vietnamese trader told
Metal Expert.
Local stockists' quotes in China are the same as two weeks ago, but traders say
the only reason is absence of mills in the market. “Next week prices will
increase after all mills come back,” a Chinese re-seller told Metal
Expert.
Source: metalexpert-group.com