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| HOME >> Topics List >> July, 2009 >> 21 (Tue) |
| Hyundai Steel In Talks On H-Beam Exports At $650 C&F |
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South Korea's electric steelmaker Hyundai Steel Co is in negotiations on its H-beam exports at US$650/ton C&F for September shipments, with Southeast Asia and the Middle East as main destinations, it was learned in Tokyo late last week. The asking price is said to have already gained customer acceptance in part of the deals under negotiation. Also, information is circulating that the company has offered H-beam exports to some areas at US$680/ton C&F. With rising prices of ferrous scrap, Hyundai Steel is thought to have raised its offer prices of H-beam exports by US$30-50/ton for September shipments, compared with ones for August shipments. As a result, the company professes to avoid its H-beam exports at prices below US$650/ton C&F this time, according to market sources. High prices of ferrous scrap are affecting electric steelmakers in Thailand as well. For a case in point, a local electric steelmaker has suddenly stopped offering H-beam exports at around US$620/ton C&F after suspended production in a supply shortage of ferrous scrap. In Thailand, local transaction prices of H-beams face "shove and pull" conditions as steel distributors are in action to sell H-beams out of stock. Hyundai Steel is viewed as eager to negotiate for H-beam exports to the Middle East besides Asian destinations. In the Middle East, inventory adjustments of H-beams are said to be nearing their end. As a result, local steel distributors are reacting with moves to secure low-cost H-beams from abroad before Ramadan, with a price level of US$650/ton C&F taking hold for H-beam imports. In Asian destinations, too, what Hyundai Steel requires on price in its H-beam exports is said to be going through. Having a major impact are inactive H-beam exports by China's various steelmakers favoring domestic shipments to meet increased demand in public works projects at home. Meanwhile, Japan's integrated steelmakers are scheduled to start their H-beam export negotiations shortly on September shipments to Asian destinations such as South Korea. It is likely that they will seek a price level of US$650/ton C&F or beyond, given the current H-beam market for export sales, market sources believe. |
| last modified : Fri 24 Jul, 2009 [10:57] |
