Summary of China's hot-rolled steel coil exports this week (11.20-11.26)

This week, China's hot-rolled steel coils further consolidated the upward trend, coupled with the strengthening of the RMB price, the market's low-priced resource prices have significantly increased, with a relative increase of more than $20/ton, although the official quotation for hot-rolled steel coils from leading HDT580X+ZF steel mills has increased by $5-10/ton. The prices of SS400 plate coils announced by several large steel mills in Northeast and North China earlier this week were basically between $575-580 per ton FOB, while the quoted price of North China's advantage Q195 resources to Southeast Asia increased from $555 per ton CFR Vietnam at the beginning of the week to $565-570 per ton CFR, and the offshore base price for A36 was approximately $565 per ton FOB. Due to the narrowing of price differentiation among different resources, the comprehensive export prices have significantly increased. Although most buyers still hold a wait-and-see attitude towards this round of increase, overall buying has followed up to some extent, and the transaction situation has slightly improved compared to last week. At present, the main shipping schedule is in January, and some HDT580X+ZF steel mills have started accepting orders for the February shipping schedule. A Vietnamese importer has provided us with feedback that there is currently high inventory in Vietnamese ports, and although price increases have brought some speculative demand, the sustainability of buying may not be high. We evaluate the offshore mainstream brand price of SS400 hot-rolled HDT580X+ZF steel coils at Tianjin Port as 565 USD/ton FOB, with a month on month increase of 20 USD/ton.