Indian suppliers have again increased their HRC prices to Vietnamese buyers by the end of the current week, targeting levels above $800/mt CFR. The absence of firm offers from China and higher prices in other import markets have dragged prices up further.
Following two deals at $780/mt CFR, Indian mills have increased offers to $810-830/mt CFR on Friday, March 26. Sources have said that the workable price level in Vietnam has already increased to $790-800/mt CFR for import re-rolling grade coils, though no new bookings have been confirmed so far at this level. “Prices in Vietnam are still pretty low in comparison to other markets like Europe or the Middle East,” a trader said. Most sources in the local market in Vietnam report a limited number of offers as Chinese sellers have been cautious in the export market, waiting for the official announcement of the anticipated tax rebar cuts. Some sources said that they do not exclude even the full cancelation of the 13 percent HRC tax rebate, so it is “risky to do business,” one source said.
Offers from other Asian HRC producers - from S. Korea, Japan and Taiwan - have also been rare recently. Most suppliers have been targeting not below $850/mt CFR in Vietnam, seeing better options to sell to other markets like Pakistan, the EU or Turkey.
The SteelOrbis reference price for import HRC to Vietnam has been increased from $780/mt CFR earlier this week to $780-800/mt CFR.
