Chinas hot-rolled coil export prices held steady for a
second week despite a softening domestic market.
transaction prices for commercial-grade, boron-containing
hot-rolled coil stood at $530 to $535 per tonne f.o.b. for
October shipment on Aug. 26, unchanged since Aug. 16.
Base export offer
prices for the same product were also flat in the same
comparison, at $540 to $560 per tonne f.o.b. for October
Sentiment in the
export market has been relatively firm, although local
hot-rolled coil prices lost some ground last week, export
sources told AMM sister publication Steel
"Mills are unlikely to
cut their offer prices in anticipation of the approaching
traditional peak season, although the current offers are
regarded as unattractive to buyers," an export director at a
mill in northern China said.
Few inquiries were
received over the past week and no export deals were closed at
the mill, the source added.
Most overseas buyers
are likely to continue waiting on the sidelines for stronger
market cues, and it will take some time before they accept
higher prices as overseas demand hasnt completely revived
due to the absence of some European buyers, market sources
circumstances, we have no plans to push our offers higher in
the short term, but we would not consider lowering our prices
to speed up sales either," an export source at an eastern
Chinese mill said.
Meanwhile, Chinas domestic hot-rolled coil spot prices
eased by 30 yuan ($5) per tonne in the eastern part of the
country and by 10 yuan ($2) per tonne in northern China over
the past week due to slowed transactions and a weak forward
market. However, most market participants are expecting
stronger demand and higher list prices in September, which
could support pricing.
A version of this
article was first published in AMM sister publication Steel