After sharp increase in offer prices for imported HRC, some Vietnamese customers have decided to book at higher levels, as it is possible that the uptrend will continue in the near future.
A new deal from one of major Chinese sellers for SAE1006 has been done at $562/mt CFR Vietnam, a number of local sources confirmed, up from contracts at $550-553/mt CFR late last week. “Last week, bids were at $540-545/mt CFR, but now it is hard to get even $560/mt CFR,” a Vietnamese trader said. Offers from China and India have increased to $565-570/mt CFR for SAE1006, while some first-tier Chinese mills have been asking as much as $580/mt CFR.
Offers for South Korean coils were at $570-575/mt CFR earlier this week, but they will be increased soon, sources believe. According to traders, new official offers from Japanese mills have already been heard at up to $600/mt CFR, though the tradable value is still not above $575/mt CFR.
The SteelOrbis reference price for imported SAE1006 HRC has increased by $10/mt to $560-565/mt CFR.
New prices from local producer Formosa Ha Tinh are expected to be announced these days and, according to a source close to the company, they will target around $570-580/mt CFR Vietnam for January delivery.