The astonishing growth in domestic price levels by a whopping USD 52 per tonne (CNY 356) in HRC and USD 88 per tonne (CNY 600) in rebar has taken the sheen off export from China. The mills as well as the traders are focussed on domestic market in their quest to capitalise on the handsome gains.
In view of strong domestic demand export seems to be on low priority and their offers were already out of market before the surge on August opening.
On last Friday, the gap between Black Sea port prices and Chinese Main port prices was already at preposterous levels for all products except plates.
| Item | 03-Jul | 10-Jul | 17-Jul | 24-Jul | 31-Jul |
| Billet | -20 | -30 | -50 | -55 | -55 |
| Rebar | -45 | -40 | -80 | -90 | -110 |
| Wire rod | -55 | -40 | -90 | -100 | -120 |
| HRC | -90 | -80 | -70 | -60 | -60 |
| Plates | -50 | -40 | -40 | 0 | 0 |
| CRC | -120 | -100 | -60 | -60 | -80 |
Change is on WoW
In USD per tonne
Delivery on FOB basis
With the major spurt in domestic steel prices this week, Chinese mills are not going to compromise on their realization and thus would remain focused on domestic markets. As a result, prospects of steel exports remain quite dim.
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(Sourced from www.steelprices-china.com)
