Prices for import HRC in the Vietnamese market have continued to increase, adding another $15/mt and exceeding the $950/mt CFR mark. Good demand and high supply are expected to push prices up further to $1,000/mt CFR in the near future, sources have told SteelOrbis.
Two Indian mills have sold a minimum of 30,000 mt of SAE1006 HRC each at $950/mt CFR and slightly higher. Market sources said that a third sale has also been done at almost the same level, but this has not been confirmed by the time of publication. After the Indian producers achieved the higher level in deals, they have announced new offers at $970-980/mt CFR, to Vietnam mainly.
In addition, a major Chinese producer has been in negotiations for a full 2 cargo of SAE1006 2 mm HRC at $1,000/mt CFR Vietnam, with some sources saying that the deal has already been done. The mill’s previous sale was discussed at $960/mt CFR a week ago. “It is difficult to get this price [$1,000/mt CFR in Vietnam] now, but we are moving up,” one of the exporters said. Most Chinese steelmakers have been offering HRC above 2.5 mm at $980/mt CFR or so, sources have said.
Prices for import HRC in Vietnam are expected to go up further in the near future as demand is expected to remain good. Re-rollers are enjoying higher HDG prices and have full order books, and so it is unlikely that the uptrend in the HRC segment will stop soon, according to market sources. “I think the price will reach $1,000/mt CFR soon,” a local insider said.
Most Asian suppliers apart from China and India - those from Taiwan and South Korea for instance - have increased offers to $1,000/mt CFR and above. Japanese suppliers are still in negotiations at $1,000/mt CFR and their offers are expected to be increased to $1,050/mt CFR in the short term.
The SteelOrbis reference price for import SAE1006 HRC in Vietnam has reached $950-955/mt CFR, up by $15/mt on average over the past week.
