Vietnamese customers who were showing very strong interest in HRC imports last week on the back of the significant uptrend of prices have faced another price hike this week. However, Vietnamese buyers are not ready to accept new prices so far and have been bidding at lower levels.
As SteelOrbis reported earlier, numerous deals for around 200,000 mt in total for ex-China coils were done at $870-910/mt CFR last week, up by $20-40/mt from the tradable level reported at the beginning of last week. Meanwhile, this week, offers from China for SAE1006 HRC have increased again to $930-950/mt CFR. However, Vietnamese buyers have been refraining from new purchases at such levels, bidding at $910/mt CFR. Thus, a deal for 50,000 mt of ex-China SEA1006 HRC has been reported to Vietnam this week at $910/mt CFR for May shipment. Besides, sources said that several Chinese traders are also offering position cargoes for SS400 HRC at $885/mt CFR for May shipment, up by $20/mt over the past week.
No fresh offers have been reported for ex-India and ex-Japan HRC, as these suppliers have been focusing on sales to other markets such as Turkey and the EU. “The latest offers from India were at $910-920/mt CFR Vietnam (two weeks ago), which is an impossible level now, considering that the lowest Indian tradable level was heard at $920/mt FOB and Indian suppliers are already targeting above $1,000/mt FOB,” a market insider told SteelOrbis. Besides, Japanese HRC suppliers have been staying out of the Vietnamese market as well.
“The price is going to be on a further uptrend. It is expected to be $920-930/mt CFR for the local market in Vietnam from Formosa when this or next week new prices are announced,” a local trader said. In February, Formosa Ha Tinh Steel hiked prices for SAE1006 HRC by $90/mt to $840/mt CFR, while Hoa Phat’s prices were at $828-832/mt CIF.
The SteelOrbis reference price for import SAE1006 HRC has moved to $910/mt CFR, up by $30-40/mt over the past week, against the backdrop of the recent deal concluded with Chinese suppliers.
Chinese suppliers target rises in Vietnamese HRC market, move by local mills awaited
Olga Shyfrina
EditorI have 11 years of experience in steel market journalism, 4 of them at SteelOrbis, where I work as a writer and editor. I cover global flat steel markets, mainly hot rolled coil, as well as cold rolled and galvanized products. I am responsible for the regular market reports on China, India, Vietnam, Japan, Pakistan and Europe, tracking prices, trade flows and the factors that drive them. I hold a Master’s degree in English Philology and Translation from Alfred Nobel University in Dnipro, Ukraine.
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