CIS domestic HRC up $100-120 on short supply and strong demand

CIS domestic hot rolled coil prices have surged $100-120 per tn on short supply and strong demand. CIS HRC was selling at $660-700 per tn ex-works at the beginning of March, according to traders, but new orders for April production sold at $775-815 per tn ex-works.

“Mills have a lot of bookings and don’t have extra material for us. It’s almost impossible to buy extra material,” said one major Ukrainian buyer.

The buyer told MB he secured 6,000 tonnes of HRC from Zaporizhstal for $815 per tn ex-works for April production.

Another buyer said he secured around 3,000 tn from Magnitogorsk Iron and Steel (MMK) works for around $775 per tn ex-works, also for April production.

“The producers are saying that these prices will be seen in May too,” he added.

A source in Kazakhstan claimed that ArcelorMittal Temirtau sold small tonnages of HRC at $910-915 ex-works for April production.

“The HRC prices are going up everyday because there are no exports from China,” he said.