It is reported that Chinese hot rolled steel coil export offers have kept firm now and there is strong likelihood that prices would continue to edge up as producers continue to raise export quotations citing tight supply and excessive orders.

As per reports, most of the offers for commodity grade 4.75mm to 11.5mm HRC last week were at USD 690 per tonne on FOB basis while some steel makers were quoting USD 700 per tonne to USD 710 per tonne. In addition, the volumes available for exports were reported to be limited.

As per reports, some traders have taken position last week, with transaction price at USD 690 per tonne to USD 700 per tonne as they are quite optimistic and held that price is going to cross USD 700 per tonne on FOB basis sooner or later.

It is also learnt that some steel makers have already raised quotation to USD 720 per tonne on FOB basis for March and April shipment.