International Steel Market Daily: China’s Steel Prices Remain Stable, With No Improvement in The Number Of Newly Signed Export Orders

Mysteel learned that recently, with the appreciation of the RMB, the export prices of Chinese hot coils have continued to rise. The export quotation of Chinese steel mills is about 564-580 US dollars per ton FOB, with a weekly increase of about 20 US dollars per ton.
Mysteel estimates that the price of China’s export heatwave today is between 548-564 US dollars per ton FOB, an increase of 5 US dollars per ton compared to the previous day. Recently, due to the rise of the RMB exchange rate, reaching a new high in nearly four months, the economic fundamentals have been stable, and Asian hot wave prices have shown an upward trend. Although the Chinese hot coil export market has remained quiet for the time being, there is a strong trading atmosphere in the domestic market, with reports of large-scale transactions.
The export quotation for China’s hot coil (SAE400) is $580-585 per ton CFR Vietnam, while the Vietnamese buyer’s inquiry is about $575 per ton. Although there has been an increase, it still lags behind the increase in quotation.
Vietnamese hot coil buyers have expressed a weak willingness to restock recently and only place orders when necessary, thus maintaining a wait-and-see state.
Mysteel predicts that the export prices of Chinese hot coils will continue to rise in the future, making it difficult for overseas buyers to follow suit.