Indian HRC exporters back with sales to Vietnam, China’s uptrend brings optimism

Monday, 12 July 2021 17:14:19 (GMT+3)   |   Istanbul

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

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