Chinese major reneges on HRC export deals as prices rise Friday, 12 July 2013 Driven by the rising domestic hot rolled coil prices, major steel mills in northern and eastern China have increased their offers for SS400B 3mm-and-above HRC to around $530-535/metric ton FOB, up from $505-510/mt FOB in late June. Although the higher export prices had not been accepted by foreign buyers, one major steel mill in central China revoked most orders it received from Chinese export traders in June. The mill argued this was because they had received orders more than they could deliver. But traders which had their orders canceled said the mill simply refused to honor contracts signed at low prices now that prices had increased. One Shanghai-based trader said most of the scrapped orders were signed in June at prices of around $500/mt FOB. Although the mill had not released new offers, they were expected to be higher at around $530/mt FOB, the trader said.
Posted on: Fri, 12 Jul 2013 06:52:53 +0000
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