Export prices for Chinese cold-rolled and hot-dipped galvanized steel coil fell in the week to Tuesday, April 9, following losses in steel futures prices, sources told Fastmarkets.
The downward pressure on Chinese steel export prices was exacerbated by the Tomb Sweeping Day holidays in China, which limited trading activity during the week.
Fastmarkets' price assessment for Chinese export cold-rolled coil (CRC) fell to $580-600 per tonne FOB main port China on April 9, down from $590-610 per tonne a week earlier.
Similarly, the price assessment for Chinese export hot-dipped galvanized (HDG) coil declined to $620-640 per tonne FOB main port China, compared to $630-650 per tonne in the previous week.The decreases in Chinese steel export prices were in line with the downward trend in domestic steel futures on the Shanghai Futures Exchange. Rebar and hot-rolled coil futures both fell during the week, pressured by concerns over weakening demand.
Market participants noted that the Tomb Sweeping Day holidays, which ran from April 5-7, disrupted trading activity and contributed to the price declines, as buyers and sellers were absent from the market.
The continued slide in Chinese steel export prices reflects the challenging market conditions faced by the country's steel producers. Weakening domestic demand, coupled with the impact of the holidays, has put pressure on mills to lower their export offers in order to remain competitive in the global market.
Going forward, market watchers will be closely monitoring the recovery in trading activity and any potential changes in demand that could influence the trajectory of Chinese steel export prices.
