Indian HRC exporters have become more interested in sales to Vietnam over the past week due to sluggish domestic demand and the exhaustion of their quota for the EU. A number of deals have been done after discounts.
According to information from the market, two lots of ex-India SAE1006 re-rolling grade HRC for 30,000 mt each were traded at $910-915/mt CFR Vietnam last week. In addition, on Friday, a cargo of 20,000 was under negotiation at $920-925/mt CFR, though there has been no confirmation about signing a deal.
New offers from India have been heard at $925-930/mt CFR to Vietnam. “Indian suppliers are active in exports now as the local market is weak,” a trader said.
Chinese HRC exporters have been offering SAE1006 HRC also at $925-930/mt CFR lately and some big mills have been targeting higher prices, seeing improvement in the local market. Local HRC prices in China have added another RMB 115/mt ($18/mt) since Friday, reaching RMB 5,740/mt ($887/mt) ex-warehouse on average, according to SteelOrbis’ data.
Market sources are waiting for the announcement of new local HRC prices by Formosa Ha Tinh, which are expected to be at around $980-990/mt CFR, SteelOrbis learned.
The SteelOrbis reference price was settled at $900-925/mt CFR late last week and will remain at this level until information about new higher-priced transactions is disclosed in the market.
$1 = RMB 6.4695