This week, prices for imported HRC in Vietnam have increased further, which has been confirmed in the deal. Offers from some major suppliers have also moved up again, but overall demand has been slack. Most customers have been still focusing on purchases domestically or have been taking a wait-and-see position.
A contract for 20,000 mt of Indian SA1006 HRC to one of the major flat steel producers in Vietnam was signed at $510/mt CFR this week, while last week the deal price level was at $500-505/mt CFR. According to sources, a number of customers have been bidding at not above $505/mt CFR. “FHS [Formosa Ha Tinh Steel] price is attractive locally. Not many deals [for imported coils],” a trading source said. As it was reported earlier, Formosa Ha Tinh has offered October delivery non skin-passed SAE1006 HRC at $505-510/mt CFR, skin-passed HRC - at $510-515/mt CFR.
Seeing the uptrend in the local market, Indian mills have increased export prices again. At the moment, offers from mills are starting from $520/mt CFR and up to $530/mt CFR Vietnam. Some steelmakers have taken a pause in the export sales, preparing for further increase.
Offers for other origin HRC, ex-Taiwan and ex-South Korea in particular, have been reported at $520-530/mt CFR Vietnam.
SteelOrbis reference price for imported HRC in Vietnam has increased by $5/mt to $505-510/mt CFR.
