Prices for imported HRC in Vietnam have posted an increase this week amid higher bids from buyers due to improved sentiment in the finished steel market. Moreover, the first deals have been reported at above $900/mt CFR.
A contract for ex-India SAE1006 coils, produced by a major Indian mill, has been signed by a trader for a position cargo at $905/mt CFR Vietnam this week. This is up from two deals done at $870-890/mt CFR last week, also for ex-India material. “We are starting to see bids at $900/mt CFR,” a local trader said.
At least two Indian producers have announced offers at $920/mt CFR Vietnam, while traders may offer at $905-910/mt CFR.
The main Russian mill has not announced its new offers for January shipment yet. The latest offers from traders have been at $880/mt CFR, but, taking into account some rebounds not only in Vietnam but in Turkey as well, prices for ex-Russia coils will also be higher in the near future.
At the same time, falling HRC prices in the local market in China have increased the possibility for more active ex-China exports in the near future.
The SteelOrbis reference price for imported SAE1006 HRC in Vietnam has increased by $20/mt over the past week to $895-905/mt CFR.