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| TITLE |
Asian HRC market price in down ward trend |
| WRITER |
administrator |
DATE |
2009-02-23 10:57:14 |
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Asian HRC market price in down ward trend
Monday, 23 Feb, 2009
It is reported that market prices of HR coils are headed downward in Asia at a time when it is only China's domestic HR coil market that indicates a recovery. It is understood that the going prices in Asia range from a low of USD 390 per tonne FOB to a high of around USD 550 per tonne FOB.
In China, there are signs of the central government's economic stimulus measures worth CNY 4 trillion are having a favorable impact on the domestic steel industry. But local market conditions for HR coils turned downward last week even in the existence of actual demand. For the culprit, speculators stocked up on HR coils before the lunar New Year holidays, but they reacted with realization sales out of stock to less demand than expected after the holidays. Until now, though, new import deals for HR coils have shaped up in the wake of Chinese inquiries to import HR coils in large quantities.
Information is circulating that South Korean and Japanese integrated steelmakers have negotiated around 10,000 tonnes of HR coil exports each to China at USD 450 per tonne FOB. At present, a spate of offers to China is reported for HR coil exports out of several nations such as Russia, Ukraine, Kazakhstan and South Africa.
Also, export deals of HR coils from South Africa and Kazakhstan are reported at USD 390 per tonne FOB for shipments to the Philippines, a sales price that is lower by USD 30 than what was settled for Bangladesh between December 2008 and January 2009. There is speculation that the South African and Kazak steelmakers concerned are those affiliated with ArcelorMittal.
In Asia, HR coils have fetched the highest price level so far for sales into South Korea. The current price level for South Korea is viewed as USD 530 to USD 540 per tonne FOB. At present, it is only China where HR coil demand is under recovery. Baosteel Co Limited's asking price of HR coils for March shipments translates into a level of USD 555 per tonne as compared with the going domestic market put at around USD 500 per tonne. The current prices of HR coil imports into China are described as lower than the going domestic market. As a result, there is a possibility that HR coil imports there will come under dumping accusations.
Sourced from TEX Report Limited |
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