Suppliers have been insisting on higher HRC prices in Vietnam this week even though trading activity has been subdued as customers are mostly in wait-and-see mode following restocking last month. The SteelOrbis reference prices for imported SAE1006 HRC in Vietnam have increased to $465-470/mt CFR. Last week, deals in Vietnam were signed at $455-465/mt CFR.
Offers from Indian mills have increased by $10/mt since early this week to $480-485/mt CFR, while traders can offer ex-India coils at a lower level of about $470/mt CFR. “$480/mt CFR and higher sounds too high for current conditions,” an Asian trader said. Indian mills have been supported by the better situation in their local market and have attempted to increase export prices, having limited available allocation for January shipment.
Suppliers from South Korea and Japan have been offering HRC at $470-480/mt CFR Vietnam, which is in line with last week’s levels. However, some producers from Japan have voiced a $490/mt CFR offer. There has been no information about Russian HRC in Vietnam as MMK will have limited allocation for February-March due to maintenance. At the same time, there have been some offers for ex-Brazil HRC at $465-470/mt CFR Vietnam, sources said.
“Not many deals were heard. Customers bought a lot when prices were at $430-450/mt CFR,” a Vietnamese re-roller said.