Import hot rolled coil (HRC) prices have slipped further in Asia this week and have come closer to $400/mt CFR. Indian and Russian suppliers are still the most aggressive in terms of prices.
Offers for ex-India HRC to Vietnam have been heard at $415/mt CFR on Tuesday, October 22, at least $5/mt below last week’s level. Moreover, a deal by a trader has been closed at $410/mt CFR, $8/mt below the previous transaction price, traders said. The volume and other details is unknown at the time of publication. Offers for Russian big coils have been heard at $408/mt CFR Vietnam, while offers for small coils have been heard at below $400/mt CFR. The lowest offers for Chinese HRC in Vietnam have been heard at $435/mt CFR from traders, but still fail to attract customers’ interest. Even Japanese coils have been offered at the lower level of $430/mt CFR Vietnam.
China has also started to be attractive import market due to higher local prices. There have been rumours that ex-India and ex-Russia HRC (about 80,000 mt in total) have been sold to China recently, but the price have not been disclosed. Some sources have assessed the deals at $410-415/mt CFR. This level is at least $18-23/mt below the lowest local prices after adding import tax and 13 percent of VAT. “10 days ago Chinese buyers were looking for $400-405/mt CFR,” a source said.