Chinese HRC export prices increase

It is reported that export offers for Chinese hot rolled steel coil are raised again by steel producers so as to reflect the rise in domestic market. At the same time, transaction price has also seen evident increase.

On Shanghai market the quoted rates are as under
1. Commercial 4.75mm to 11.5mm HRC in 1500mm - CNY 5680 per tonne
2. Commercial 4.75mm to 11.5mm HRC in 1800mm - CNY 6100 per tonne
3. Low alloyed 7.5mm HRC in 1500mm - CNY 5950 per tonne

Mysteel forecasts that taking Shanghai price for 4.75mm to 11.5mm HRC in 1500mm width as benchmark, it is going to approach CNY 6000 per tonne in the next two months if it keeps at CNY 5500 per tonne. Otherwise, it is likely to experience downward adjustment or even peak out.