The prices for ex-China HRC have increased by $90/mt in deals signed this week as Chinese mills have been selling to different outlets, including in the price 100 percent of the risk of a possible reduction of the tax rebate to zero.
The latest deals for ex-China SS400 boron-added HRC have been reported at $870-880/mt FOB to South America and Vietnam. Three to four deals for 10,000 mt each have been closed, sources have said. As SteelOrbis reported on Tuesday this week, the tradable level late last week was $780-790/mt FOB.
The latest offer price range from Chinese mills for SS400 HRC has been at $865-920/mt FOB, depending on the supplier and the terms of risk sharing, up by $17.5/mt on average from a day earlier.
The latest contracts for ex-China SAE1006 HRC have been at $880-920/mt FOB, but most sources reported that it has been hard to find an offer at below $900/mt FOB.
As SteelOrbis reported earlier, sources in Vietnam have confirmed bookings for ex-China SAE1006 at $900/mt CFR this week and one even at $940/mt CFR. Indian steel mills have been targeting $940/mt CFR in Vietnam. The reference import price in Vietnam has reached $900-940/mt CFR, with the midpoint at $920/mt CFR, up by $10/mt from the level reported earlier this week.
Vietnam’s Formosa Ha Tinh is expected to announce its new prices for local customers early next week at $900/mt CFR and above, sources said.