Posted on 08 Apr 2026
Chinese export prices for commercial-grade hot-rolled coils (HRC) remained high during the week of March 30-April 3 at $480/tonne and above, while overseas buying of Chinese coils saw no significant improvement due to the surge in ocean freight rates and prevailing market cautiousness, Mysteel Global learned.
On April 3, Mysteel assessed the export price of SS400 3mm HRC at North China's Tianjin port at $483/tonne FOB, down by a small $3/t on week and ending a three-week climb.
Hot coil offers for export generally remained unchanged on week in the range of $480-500/t FOB China, according to Mysteel's latest market round-up.
On the buying side, concerns about the acceleration of hostilities in the Middle East continued to cause market jitters, while elevated shipping costs deterred buyers from placing orders.
In Southeast Asia, the release of a new round of quotations by Vietnamese domestic steel mills led HRC import prices to strengthen. Hoa Phat Steel, for example, has raised its HRC offers for domestic sales for May shipment by $31/t to the equivalent of $546-547/t CIF, providing clear support to imported cargo prices. Meanwhile, Formosa Ha Tinh Steel last week set its domestic HRC prices for June shipment at the equivalent to $540/t, higher by $35 from the previous month. Indonesian 3mm HRC stood at $560/t FOB Morowali, equivalent to around $580/t CFR Vietnam, up about $10/t on week.
In the Middle East, renewed geopolitical tensions and shipping disruptions had sharply cooled the market for flat steel in the region. Restricted transit through the Strait of Hormuz and rising risk-aversion among shipowners have led many shippers to suspend or delay shipments to Gulf countries.
The hot coil market in Saudi Arabia has remained relatively stable due to some domestic HRC production capacity. However, insurers have now suspended coverage for cargoes shipped via Jeddah Port in Saudi's west coast due to escalating tensions in the Red Sea, further increasing trade uncertainty, Mysteel Global noted. Previously, Chinese 1.2mm HRC was offered at around $590/t CFR Jeddah, but no new offers were reported last week.
In contrast, the UAE faced greater pressure as a more import-dependent market, with concerns intensifying due to the proximity of Jebel Ali Port – a major port at southwest Dubai connecting the Middle East with South Asia, East Africa, and Europe – to high-risk areas. Limited arrivals and heightened uncertainty are delaying purchasing decisions, with market participants largely staying on the sideline amid a cautious sentiment.
Meanwhile, China's export price of SPCC 1.0mm cold-rolled coil at Tianjin port strengthened further last week, rising $3/t on week to $547/t FOB by last Friday, according to Mysteel's assessment.
Source:Mysteel Global
