Prices for imported HRC in the Vietnamese market have risen further on Wednesday, December 9, as tight supply has persisted and is unlikely to ease very soon.
Earlier this week, a lot from one of the major Chinese producers was sold at $645/mt CFR, while a fresh deal for 10,000 mt SAE006 HRC has been done at $640/mt FOB, which corresponds to $650/mt CFR Vietnam. Most offers for Chinese SAE1006 have been heard at $650/mt CFR in Vietnam, though some first-tier mills have increased them to $675/mt CFR. A number of buyers have been not ready to accept a further increase and said that prices have been rising too rapidly lately, indicating that bids are not above $640/mt CFR.
“The supply is still tight, so it is hard to find volumes,” a source said. Another trader added that Formosa Ha Tinh is expected to announce new prices on December 16, while earlier they were expected to be released this week. “We were expecting $650/mt from them, but it could be higher now,” an international trader said.
Earlier this week, a limited quantity of re-rolling grade HRC from Japan was offered at $670/mt CFR Indonesia. Buyers from Vietnam have already started to receive offers from Japan at $680-690/mt CFR.
The SteelOrbis reference price for imported HRC in Vietnam has increased to $640-650/mt CFR, up by $6/mt over the day and $17.5/mt higher than late last week.
