Prices for import HRC have continued to rise this week given higher offers from Chinese suppliers, who have been the most active sources of import HRC supply to Vietnam amid the better mood in China. Vietnamese customers, however, have kept showing very limited interest in HRC imports due to still weak demand and anticipation of Formosa Ha Tinh Steel’s announcement of new local prices.
Accordingly, the prices available for ex-China SS400 HRC have been voiced at $530-535/mt CFR, up by $5-10/mt over the past week, though some market insiders have reported some offers even at $545/mt CFR. Meanwhile, offers for ex-China SAE1006 HRC have settled at around $550-560/mt CFR this week, compared to $535-545/mt CFR last week.
In the meantime, the prices available for ex-Taiwan SAE1006 HRC have been reported at $550-560/mt CFR, up by $10-20/mt over the past week. “Offers from Japan have remained limited, but we are estimating the indicative level at around $560-570/mt CFR,” a market insider said.
Market participants are expecting local HRC producer Formosa Ha Tinh Steel to announce new prices this week. “Formosa is delaying the announcement. People expect that they will release their new offer at about $560/mt for this round,” a representative of a Vietnamese mill told SteelOrbis.
The reference price for import SAE1006 HRC in Vietnam has come to $550/mt CFR, compared to $535-540/mt CFR.
