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| TITLE |
Chinese offers could trigger softening in HR levels |
| WRITER |
administrator |
DATE |
2009-08-29 10:37:14 |
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Chinese offers could trigger softening in HR levels
29 Aug, 2009
As per market information, some Indian HR buyers have received offers from some Chinese mills at a level around USD 570 per tonne on CFR basis, which is about USD 30 per tonne to USD 40 per tonne lower than previous bookings that have been done just only one week ago by MMK into India.
It is too early to say that this is a sign of new price negative trend, however it's definitely meaningful. It may be just the case of one mill having material in excess or just a long lasting position that the trader has decided to liquidate. Next days will tell us more precisely if this is a single case or the beginning of a down trend run up.
Whatever is the case, it's also interesting to note that this price is referred to re rolling quality and thin sizes, ie it includes some extras. Considering that freight from China to India is about USD 40 per tonne and that extra for re rolling grade and thickness could be counted in about USD 20 per tonne, we can reasonably say that FOB China price for a commercial quality HRC in thickness 2 mm and up should then be possible at around USD 500 per tonne to USD 510 per tonne.
Resource from www.steelprices-europe.com |
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