SHANGHAI Chinese hot-rolled steel coil export prices climbed again Monday amid improving market sentiment, sources said.
The latest booked prices for commercial-grade, boron-containing hot-rolled coil exports for March shipment rose $5 from a week earlier to $560 to $565 per tonne f.o.b., while export offers firmed to a range of $570 to $575 per tonne f.o.b. from $565 to $575 in the same comparison.
"The price increase reflects the improvement in bookings and the firm domestic market," a sales official with a northern Chinese steelmaker told AMM sister publication Steel First.
Activity was slow Monday due to the year-end holiday, but market sources said they expect the higher pricing to largely stick.
"Though there will not be large trading volume this week due to the New Year holiday, steelmakers will certainly stick to current prices," a Shanghai trader said.
A steel trader in Zhejiang agreed that the export price increase may have legs, noting that steelmakers are not willing to sell at below $560 per tonne f.o.b.
And that trend is likely to continue, Chinese steel exporters said, citing expectations that offers will rise further in January.
A version of this article was first published by AMM sister publication Steel First.