Although import HRC prices have indicated new declines this week, Vietnamese steel producer Formosa Ha Tinh (FHS) has announced its new local HRC prices for May shipments increasing them by $25/mt since mid-February. The new prices are viewed by most local buyers as overpriced given the recent fall in ex-China HRC offers and are supported by the recent announcement of antidumping duties against Chinese HRC rather than by a significant demand improvement, but they have changed market sentiment slightly, giving hope for some recovery in import prices also this month.
More specifically, on March 11, FHS’ prices for non-skin passed SAE1006 and SS400 HRC in the local market settled at $519/mt CFR Haiphong for orders for a minimum of 20,000 mt, up by $25/mt month on month, and, while $522/mt CFR is available for orders of 10,000/mt, customers ordering 5,000 mt will pay $520/mt CFR, while the price for 2,000-5,000 mt batches stands at $529/mt CFR.
In the meantime, offers for ex-China Q235, 2,000 mm HRC in Vietnam, which are excluded from AD duty have settled at $470-473/mt CFR, against $475-480/mt CFR last week. According to sources, several deals are reported to have been signed at $470/mt CFR this week.
Besides, offers from Chinese suppliers for SAE1006 HRC have been estimated at $490-495/mt CFR for March-April shipment, the same as last week, while offers from Indonesia for SAE1006 HRC have been ranging at $500-505/mt CFR, following a deal for 30,000 mt HRC at $496/mt CFR last week. Besides, according to sources, offers for ex-India HRC have been estimated at $510/mt CFR. Thus, the SteelOrbis reference price for import SAE1006 HRC has remained at $495-500/mt CFR, the same as last week, based on the most competitive offers and buyers’ prices ideas.