Chinese HRC export price forecasted to bottom out USD 400

It is reported that export price of Chinese HRC was likely to be stabilized at around USD 400 per tonne, citing the spot price of iron ore and scrap.

The report figured that HRC export price lied on demand. Further more, iron ore and scrap prices were rising on the spot market and most Chinese steelmakers just leaned on spot cargo purchase, therefore, the cost would also rocket up out of question. In addition, the inventory was edging down, which would evidently push up the price.

However, USD 400 per ton was just a conservative figure considering the production cost. It was possible to climb up to USD 450 per tonne in view of the tax of 17%.

May 9, 2009 14:24
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