Onshore and offshore RMB exchange rates rose sharply against the US dollar, both recovering the 6.8 mark. With the rapid recovery of economic vitality in China, the RMB/US dollar exchange rate is still supported by factors of strengthening in the short term. As a result, some large steel mills raised the price of general volume export to 630 US dollars/ton FOB, while the price of mainstream domestic trade (Shanghai) remained stable at 4180 yuan/ton (618 US dollars).

 Last week, the mainstream price of Chinese SAE1006 hot coil exported to Southeast Asia was 625 USD/ton CFR, and the shipment date was mostly in March. With the strengthening of steel export price in China today, the CIF price of SAE1006 hot coil exported to Southeast Asia is at least $635 / ton. Some Southeast Asian merchants believe that the probability of the yuan to continue to appreciate in the near future is high, and the cost of purchasing Chinese resources will become higher and higher, so they will wait for Vietnamese leading steel mill Ha Tinh to deliver resources in March. According to Mysteel research, the delivery price of SAE1006 hot roll in Ha Tinh, Formosa Plastics in March is at least 630 USD/ton CIF, which is about 40 USD/ton higher than that in February.