Posted on 26 Feb 2025
China's hot-rolled coil (HRC) export market was shrouded in cautious sentiment over the past week, with most Chinese mills maintaining steady quotations, while foreign buyers showed subdued purchasing interest, Mysteel's weekly market roundup shows.
As of February 21, the Chinese export price of SS400 3mm HRC under Mysteel's assessment stayed unchanged for five straight weeks at $472/tonne FOB from North China's Tianjin port.
In the Middle East, HRC trading activity gradually slowed as many buyers adopted a wait-and-see stance ahead of the Islamic fasting month of Ramadan, which begins in early March this year. Chinese HRCs to the United Arab Emirates were quoted at $485-500/t CFR last week, lower than the prior week's $520-525/t CFR, while Japanese HRCs stayed firm on week at $520/t CFR.
For HRC exports to Vietnam, the prices strengthened slightly last week with Chinese mills raising quotations. A deal involving a small tonnage of Chinese Q235 HRCs to Vietnam was concluded at around $470/t CFR, higher by $3-5/t from the prior week's level, Mysteel heard. However, both sellers and buyers became more cautious in HRC trading before Vietnam on Friday announced preliminary anti-dumping (AD) duties on HRC imports from China.
The provisional AD duties of 19.38%, 26.94% or 27.83% will be imposed on over 100 Chinese steelmakers and trading companies on March 7 and last for 120 days, which is expected to impede HRC exports from China to Vietnam, as reported.
Meanwhile, India is set to hold an oral hearing on February 27 regarding its AD investigation into hot-rolled flat products from Vietnam, adding to the cautious tone among market players from both countries.
On Friday, the Indian government renewed the Bureau of Indian Standards license of Vietnamese steel major Hoa Phat Steel Group, allowing the mill to continue exporting HRC products to India till February 5 2026, Mysteel Global learned.
By February 21, China's export price for SPCC 1.0mm cold-rolled coil gained $4/t on week to $556/t on FOB Tianjin basis, according to Mysteel's assessment.
Source:Mysteel Global
