On May 6, Chinese HRC exporters returned from their holiday, while prices have surged in their local market, pushing up export prices. As Indian suppliers have already been insisting on higher levels, together with the increased prices for ex-China material, import HRC prices in Vietnam have come closer to $1,000/mt CFR, SteelOrbis has learned.
The latest offers for SAE1006 HRC from China have been reported at $990/mt CFR Vietnam minimum, but most big sellers have been targeting not below $1,000/mt CFR. At the same time, bids have also increased from $950-960/mt CFR in the middle of last week to $980/mt CFR in Vietnam. A deal from a trader has been rumoured at $980-985/mt CFR, but the details could not be confirmed. Demand in Vietnam has been limited as everybody is waiting for the new prices from Formosa Ha Tinh, a few sources commented. Offers from India for SAE1006 have been at $1,000-1,020/mt CFR.
The SteelOrbis reference price for import SAE1006 HRC in Vietnam has been increased by $20/mt from the level reported early this week to $980-990/mt CFR.
Local average HRC prices in China have surged by RMB 185/mt ($28.5/mt) to a new high of RMB 5,895/mt ($908/mt) ex-warehouse on May 6, supported by strong demand after the holiday. This has pushed offers for ex-China SS400 HRC up by $12.5/mt on average to $945-960/mt FOB.
