Ex-India HRC sold above $1,000/mt CFR to Vietnam, target prices rise further

Friday, 07 May 2021 16:11:34 (GMT+3)   |   Istanbul

Prices for import HRC have exceeded $1,000/mt CFR in Vietnam in the latest deals, in line with expectations. Sellers’ price targets have been hiked further and the uptrend is not going to stop in the near future, sources believe.

A deal for 30,000 mt of SAE1006 HRC from the leading Indian mill has been reported as done at $1,020/mt CFR on Friday afternoon, SteelOrbis has learned. This contract has followed sales at $1,010/mt CFR and $995/mt CFR, both for Indian origin, signed a bit earlier this week and disclosed to the market today. “Now prices have reached a new level at $1,020/mt CFR… They will not drop much this year, since all raw material prices are up day by day,” a local trader said. The new target level of Indian sellers has been heard at $1,030-1,040/mt CFR on Friday.

Chinese sellers have also been bullish. One of the major Chinese mills has been offering at $1,010/mt CFR and one deal has been rumoured, which, however, is not confirmed for now. Offers have been coming at $1,025/mt CFR to Vietnam, minimum, late this week.

An offer from S. Korea has been heard at $1,050/mt CFR. Japanese suppliers are expected to return to the market with offers not below this level.

The SteelOrbis reference price for import SAE1006 HRC in Vietnam has been settled at $1,000-1,020/mt CFR late this week, up by $20-30/mt compared to the level heard just a day earlier. The price is $50/mt above the level seen late last week.

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