The market of hot rolled coils (HRC) in Vietnam has strengthened further this week as Indian suppliers have been insisting on higher prices and customers have no other choice but to accept an increase.
A deal for ex-India HRC from a mill has been reported at $440/mt CFR Vietnam in the middle of the week, which is $5-10/mt above the contract signed by the producer late last week. Overall deal prices for ex-India coils have added $10-20/mt compared to last week. “Customers in Vietnam can already accept $440/mt CFR”, a local source said, while bids are at $430/mt CFR at a maximum.
At the same time, offers for ex-India HRC and for ex-Taiwan to Vietnam have been heard at $445/mt CFR and above, with ex-Japan coils at $450/mt CFR. Most offers are for shipment in the second half of December-January.
Marek sources believe that the local Vietnamese producer Formosa Ha Tinh will be able to increase HRC prices for December by at least $10-20/mt, seeing higher import quotations.