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Japanese steelmakers flooded with HR export inquiries |
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administrator |
DATE |
2009-06-24 08:50:26 |
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Japanese steelmakers flooded with HR export inquiries
24 Jun 2009
According to Japanese steel industry sources, Japanese integrated steelmakers find themselves flooded with HR coil inquiries from the world's various areas such as Latin America, Middle East and Africa as well as the rest of East Asia. The existing inquiries are twice or three times as many as what arose in the January to March 2009 quarter.
Market observers point out that a surge in HR coil inquiries for imports from Japan is believed to have followed a general conclusion among the world's HR coil users that the current transaction prices of HR coils indicate their lowest level.
In China, Baosteel Co Limited has increased its domestic sales price of HR coils by CNY 500 per tonne in its June 10th 2009 notice on the company's price terms of various steel products for July shipments. It is understood that Baosteel has taken account of strong domestic demand for the price increase of HR coils.
In Taiwan, China Steel Corporation has raised its domestic sales price of HR coils by TWD 1,727 to TWD 19,466 per tonne for July shipments.
In the USA, various steelmakers profess to price up sheet products by USD 20 to USD 30 per tonne for domestic shipments in July. As a result, the domestic HR coil market advanced last week for the first time in one year.
With HR coil inquiries from abroad surging, the Japanese steelmakers are contemplating responding accordingly. They look set to reject bids at a level of USD 420 to USD 430 per tonne FOB in expectation of higher bids at around USD 500 per tonne FOB.
Meanwhile, some Japanese steelmakers are said to have offered HR coil exports to South Korea at USD 510 per tonne FOB for July to September 2009 quarter shipments
Resource from TEX Report Limited
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