Vietnamese customers have continued to show very limited interest in HRC imports over the past week and, although most ex-China import offers have remained unchanged, bids have fallen further. Negative expectations, lower finished steel consumption, coupled with high levels of stocks, and attractive local HRC prices have been behind the muted trade.
Accordingly, the prices available for ex-China position SAE1006 HRC have been voiced at $610-620/mt CFR, the same as last week. “It has been a long time since we have heard any sizable transactions for SAE1006 HRC mainly as there are too many volumes in stock. Besides, local prices are low: both Hoa Phat and Formosa could sell at around $610/mt CFR,” a market insider said. Meanwhile, most offers for ex-China SS400 HRC have been reported at $590/mt CFR, up by $10/mt on the lower end of the range week on week. However, although Chinese traders’ mood has slightly improved following some rises in futures prices, Vietnamese customers have still been bidding at $570-575/mt CFR. Thus, a few small deals for ex-China SS400 have been signed through traders at $572-578/mt CFR this week.
Meanwhile, offers for ex-India boron-added HRC though traders have settled at $590-600/mt CFR Vietnam, down by $10-20/mt week on week, though indicative HRC offers from Indian mills have been reported at $610-630/mt CFR, compared to $630/mt CFR last week. No deals for ex-India materials have been reported so far.
Furthermore, ex-Russia HRC has been offered in Vietnam at $600/mt CFR, though no interest has been seen from Vietnamese buyers.
The SteelOrbis’ reference price for imported SAE1006 HRC has moved to $590-610/mt CFR, compared to $600-615/mt CFR last week, considering that lower ex-India offers have appeared in the market, while most Chinese suppliers have continued to roll over their prices.
