FOB China HRC
The index rose by $3/t yesterday (16.8.21) to US$931/t, MTD US$928.70/t.
China’s industrial production rose by 6.4pc in July from a year earlier, but slower than the 8.3pc gain in June, according to the national statistics bureau. Real estate data showed growth from both 2020 and 2019, but at slower on-year growth rates than through June. The resurgence of Covid-19 in China in July coupling with heavy rains and floods slowed economic activity and challenged market outlooks.
Two major Chinese mills kept offers unchanged at $985-1,000/t for SS400 HRC. Others were reluctant to receive orders below $930/t fob although seaborne buyers expressed no buying interest given risks for more Chinese steel export tax hikes. Vietnamese buyers are waiting for local mill Hoa Phat’s new offers announcement after Formosa Ha Tinh cut its October shipment offers by $15/t last Friday. (Argus)
Turkish Scrap
Mills keep pushing for lower levels
Further September shipment deals heard
Turkish Deepsea import ferrous scrap prices remained stable Aug. 16, as mills continued to bid lower amid soft finished steel demand, sources said. S&P Global Platts assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) Aug. 16 at $455/mt CFR, unchanged on the day.
A Baltic-origin cargo totalling 25,000 mt was heard by multiple sources to have been booked Aug. 13 by an Izmir mill, with 18,500 mt HMS 1/2 (80:20) at $455/mt CFR, and 1,500 mt bonus and 5,000 mt shredded scrap both at $470/mt CFR.
Market chatter about a Benelux-origin sale to Turkey was also heard, with HMS 1/2 (80:20) at $450/mt CFR, but it could not be confirmed. A top-up cargo sale for Benelux-origin HMS 1/2 (80:20) was also heard at $450/mt CFR Turkey, but further details were not disclosed.
One Turkish mill source said the sellers “don’t have so many options other than selling to Turkey for the next two-three weeks, in my opinion,” citing indicative tradable value for premium HMS 1/2 (80:20) at $450/mt CFR. (Platts)
US HRC
The S&P Global Platts TSI US hot-rolled coil index was calculated at $1,901.50/st EXW Indiana August 16, up $1 from August 13.
A Southern mill source indicated $1,900/st as a tradable value for late September production. A service centre source, meanwhile, said he would bid at that level for 500 st of September or October production. (Platts)
| Indices | Price | Change | MTD |
| Platts TSI HMS 1/2 80:20 CFR Turkey ($/mt) | 455.00 | 0.00 | 484.83 |
| Steel Rebar FOB Turkey ($/mt) | 692.50 | -1.50 | 720.57 |
| Argus HRC NW Europe (€/mt) | 1144.00 | 0.00 | 1165.08 |
| Argus FOB China HRC ($/mt) | 931.00 | 3.00 | 904.62 |
| LME HRC FOB TIANJIN CHINA USD/mt | LME HMS 80:20 CFR TK | |||||||
| Bid | Ask | Value | Bid | Ask | Value | |||
| Aug-21 | 930 | 940 | 935 | Aug-21 | 457 | 467 | 462 | |
| Sep-21 | 935 | 945 | 940 | Sep-21 | 468 | 478 | 473 | |
| Oct-21 | 935 | 945 | 940 | Oct-21 | 475 | 485 | 480 | |
| Nov-21 | 935 | 945 | 940 | Nov-21 | 475 | 485 | 480 | |
| Q4-21 | 934 | 944 | 939 | Q4-21 | 473 | 483 | 470 | |
| Q1-22 | 915 | 925 | 920 | Q1-22 | 465 | 475 | 470 | |
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| LME REBAR FOB TK | BUSHELING | |||||||
| Bid | Ask | Value | Bid | Ask | Value | |||
| Aug-21 | 680 | 690 | 685 | Sep-21 | 642 | 652 | 647 | |
| Sep-21 | 700 | 710 | 705 | Oct-21 | 642 | 652 | 647 | |
| Oct-21 | 700 | 710 | 705 | Nov-21 | 650 | 660 | 655 | |
| Nov-21 | 700 | 710 | 705 | Dec-21 | 655 | 665 | 660 | |
| Q4-21 | 700 | 710 | 705 | Q1-22 | 655 | 665 | 660 | |
| Q1-22 | 675 | 685 | 680 | Q2-22 | 648 | 658 | 653 | |
| US HRC USD/short ton | NWE HRC EUR/metric ton | |||||||
| Bid | Ask | Value | Bid | Ask | Value | |||
| Aug-21 | 1890 | 1900 | 1895 | Aug-21 | 1144 | 1154 | 1149 | |
| Sep-21 | 1915 | 1925 | 1920 | Sep-21 | 1119 | 1129 | 1124 | |
| Oct-21 | 1820 | 1830 | 1825 | Oct-21 | 1105 | 1115 | 1110 | |
| Nov-21 | 1720 | 1730 | 1725 | Nov-21 | 1052 | 1062 | 1057 | |
| Q4-21 | 1727 | 1737 | 1732 | Q4-21 | 1063 | 1073 | 1068 | |
| Q1-22 | 1519 | 1529 | 1524 | Q1-22 | 958 | 968 | 963 | |