Suppliers of hot rolled coils (HRC), having increased offers to Vietnamese customers early this week, have been insisting on higher prices, with some customers accepting them. The SteelOrbis reference prices for import HRC in Vietnam have increased to $445-455/mt CFR, $5-10/mt above last week.
Offers for ex-India HRC are heard mostly at $455/mt CFR for January shipment on Thursday, November 21, while offers were at $450-455/mt CFR early this week. At the same time, there have been reports that some tonnages were traded at $445/mt CFR in the first half of the week, but according to information from traders, one deal has been already closed at $455/mt CFR, SteelOrbis has learned. “HRC prices increased sharply. This is the level of most offers, and so some customers may decide to buy,” a Vietnamese re-roller said.
Offer prices for HRC of other origins have also grown sharply. Japanese suppliers have voiced offers at $480/mt CFR, up $10-20/mt compared to last week.
Chinese HRC has been available at $465/mt CFR and above, according to traders, but, taking into account strong domestic demand, most mills have been focusing on sales locally.
Offers for ex-Russia HRC have been heard at $450-455/mt CFR Vietnam, but mostly for February shipment. Last week, major Russian producer sold 40,000 mt of HRC to a trader, while the cargo will be sold in Asia later. As a result, the mill has not been in a hurry to sell this week.