It is reported that Chinese steel makers have raised export offer for hot rolled steel coil citing the strong rebound in domestic market price. There are said to be few transactions at the updated level taking into account much lower export price by overseas suppliers and weak global demand.
Domestic steel prices continue to rebound. On Shanghai market, commercial 4.75 to 12mm*1500mm HRC goes at CNY 3800 per tonne to CNY 3830 per tonne up by CNY 200 per tonne from last Friday. That for 4.75mm to 12mm*1800mm is posted at CNY 3900 per tonne an increase of CNY 200 per tonne to CNY 230 per tonne. That for 2.75mm HRC surge by CNY 300 per tonne to CNY 4150 per tonne.
Prevailing export quotation for commercial HRC is at USD 54 per tonne to USD 550 per tonne FOB and most offers are between USD 530 per tonne to USD 560 per tonne FOB. The increase of export price is mainly contributable to improvement in domestic market level.