The uptrend has gathered momentum in the Vietnamese HRC market by the end of the week, with a few deals reported at higher levels for ex-China and ex-India coils.
According to sources, a cargo for about 10,000 mt of SAE1006 HRC from a Chinese mill was sold earlier this week at $720/mt CFR, which is up by $20/mt on average from the tradable level heard on Monday this week. Moreover, an Indian mill managed to sell at $730-735/mt CFR Vietnam later in the week. The initial offer was at $740/mt CFR. “Offers [from some Chinese and Indian sellers] are at $730-750/mt CFR, so there are not many options,” a source said.
Most Chinese sellers have been offering SAE1006 HRC in a wide range of $735-770/mt CFR to Vietnam by the end of the week.
Sources said that customers have been mainly reluctant to pay anything above $720/mt CFR so far, but the bullishness of sellers has put them under pressure.
Offers from producers from S. Korea and Taiwan have been heard at about $780/mt CFR, while offers from Japan have been heard at $800/mt CFR.
The SteelOrbis reference price has increased by $25/mt on average since Monday to $720-730/mt CFR.
