It is reported that Chinese steel export market remain sluggish while there will be more HRC arrivals in the next three months. Many traders seem to be engaged in HRC import business and the total volume in February is expected to be 300,000 tonnes at least from Russia and Ukraine.

Domestic steel prices continue to rebound. On Shanghai market, commercial 4.75mm to 12mm*1500mm HRC goes at CNY 3870 per tonne to CNY 3890 per tonne up by CNY 50 per tonne to CNY 70 per tonne WoW. That for 4.75mm to 12mm*1800mm goes at CNY 3950 per tonne up by CNY 20 per tonne from last Friday. That for 2.75mm HRC keeps unchanged at CNY 4150 per tonne.

Prevailing export quotation for commercial HRC is at USD 560 per tonne to USD 590 per tonne FOB and most offers are between USD 560 per tonne to USD 75 per tonne fob. The increase of export price is mainly contributable to further bounce in domestic market level. There are quite few transactions at moment and export tonnage for January is to see further drop.