Chinese steelmakers push HRC export offers up for November shipment

Chinese steelmakers have raised export offers for hot rolled coil for November shipment to reflect the improvement in the domestic market.

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Export offers for commercial-grade, boron-containing HRC are at $510-520 per tonne fob for November shipment, up $10 per tonne from those for October shipment.

But it remains to be seen whether the new prices will be accepted as there has been few transactions so far.

“It is not easy to get orders at the updated prices as we are facing the competitive low offers from South Korean steelmakers,” a trader in Shanghai said.

One Korean steel mill is even quoting $520 per tonne fob for thin gauge HRC, which Chinese steelmakers generally charge $10-20 per tonne higher, she added.

Another exporter also pointed out that overseas buyers remain cautious about the purchase of Chinese cargoes higher prices.

“Some overseas customers prefer to buy at $500 per tonne fob or a little lower,” the exporter said.

He will watch the market for clues before booking material from steelmakers at the new prices.