Posted on 05 Mar 2025
Amid the push-and-pull between supportive and negative market factors, China's export prices for hot-rolled coil (HRC) remained largely stable in the past week, though transaction volumes were limited, Mysteel's weekly market roundup shows.
As of February 28, the Chinese export price of SS400 3mm HRC under Mysteel's assessment stayed flat for six consecutive weeks at $472/tonne FOB from North China's Tianjin port.
On the positive side, sentiment among Chinese HRC exporters was bolstered by expectations for possible policy support during the China's Two Sessions - the annual meetings of the National People's Congress and the National Committee of Chinese People's Political Consultative Conference - to be convened in Beijing from March 4 to March 11.
However, their optimism was tempered by Vietnam's recent decision to impose preliminary anti-dumping (AD) duties ranging from 19.38% to 27.83% on Chinese-origin alloyed and non-alloyed HRC with a thickness of 1.2-25.4 mm and a width not exceeding 1,880 mm, effective from March 7, as reported.
In response, Chinese steel mills and traders focused on offering 1,900-2,000 mm wide HRC to Vietnamese buyers, as these specifications are exempt from the AD duties. Export offers for these wider coils were unchanged on week at $475-485/t CFR, with some small-tonnage deals concluded at $470-480/t CFR, Mysteel learned.
At the same time, some Chinese exporters raised their offers for HRC to Vietnam to $495-500/t CFR, seeking to gauge market reactions.
Vietnamese buyers also explored alternative HRC sources from Indonesia, Japan, and India, where offers stood at $515-520/t CFR. However, the prices were still higher than those of Chinese HRCs, traders in Vietnam noted.
Adding to market developments, Vietnam's steel major Hoa Phat Steel Group on March 3 raised its domestic SAE1006/SS400 HRC prices by $15/t for April delivery, bringing them to $515-517/t CIF (dollar equivalent). This adjustment was in line with market expectations.
In the Middle East, buyers maintained a cautious stance before the Islamic fasting month of Ramadan, which begins in early March this year. Chinese HRCs to the United Arab Emirates were quoted at $485-495/t CFR last week, lower than the prior week's $485-500/t CFR. Meanwhile, China's 1.2 mm HRC was offered at $545-550/t CFR Saudi Arabia, compared with $560/t CFR a week earlier, Mysteel learned.
Source:Mysteel Global
