Spot prices of regionally traded hot rolled coil in Asia were unchanged for a second day Tuesday as Asian importers stayed out of the hot rolled coil market, with no bids for HRC SS400 observed. Chinese mills on the other hand continued to ask much higher prices for exports given their strong domestic market.
S&P Global Platts assessed SS400 HRC 3 mm thick unchanged from Monday at $582-$584/mt FOB China, with the midpoint at $583/mt. On a CFR Southeast Asia basis, the same grade of coil was assessed at $594-$596/mt with a midpoint of $595/mt, also flat day on day.
Platts assessed Q235 5.5 mm HRC at Yuan 4,130-4,150/mt ($658-$661/mt) ex-stock including 17% VAT, implying a midpoint of Yuan 4,140/mt, unchanged day on day.
On the Shanghai Futures Exchange, the most-active May HRC contract closed at Yuan 4,010/mt on Tuesday, down Yuan 18/mt from Monday.
Major Chinese mills offered $595-600/mt FOB China for SS400 HRC Tuesday, and the prices were around $5/mt higher than the offers in last week, but overseas buyers refused to place orders at these offers.
“I got no deals the whole day, because buyers said my prices for commercial grade coil were too high,” a major steel mill source in eastern China said. A northern China mill said it didn’t receive any bids on Tuesday either.
For SAE coil, Chinese mills’ offers prevailed at $605-610/mt CFR Vietnam for April shipment, and bids from overseas importers for same-grade coil were heard at $595-600/mt CFR Vietnam, traders and stockist in the region said.
No deal was heard during the trading day Tuesday for re-rolling grade coil.