Although import HRC prices have in Vietnam have indicated new rebounds by the end of this week, given the steady recovery of HRC futures prices in China during the week, Vietnamese steel producer Formosa Ha Tinh (FHS) has announced new local HRC prices for October-November shipment higher by only $3-4/mt compared to its previous price revision, which means the rise is not quite enough to create a strong positive mood in Vietnam, and so buyers are still cautiously watching market developments.
More specifically, FHS’ prices for non-skin passed SAE1006 and SS400 HRC in the local market for September shipment have settled at $514/mt CIF for orders for a minimum of 20,000 mt, while for 10,000-20,000 mt orders FHS’s new price stands at $518/mt CIF. Besides, prices for smaller volumes, for 5,000-10,000 mt in particular, have settled at $521/mt CIF, at $524/mt CIF for 2,000-5,000 mt and at $528/mt CIF for orders of 2,000 mt maximum. Thus, the prices have gained $3-4/mt since late August.
In the meantime, following a $15/mt decline in ex-China Q235/SS400 HRC offers at the beginning of this week, by Friday, September 13, most offers from Chinese suppliers to Vietnam have settled at $460-465/mt CFR, up by $10/mt since the beginning of the week, and at relatively the same levels as was reported last week. Besides, offers for ex-China SAE1006 HRC through traders have been assessed at around $480/mt CFR, though no deals have been reported so far. Thus, SteelOrbis’ reference price for imported SAE1006 HRC has moved to $475-480/mt CFR, from $470-475/mt CFR at the beginning of this week and from $480/mt CFR at the end of last week.
