Prices in the import HRC market in Vietnam have posted another increase this week. Apart from Chinese suppliers almost no other offers have been reported in the market with only ex-India indicative offers heard at higher levels. However, despite the strong uptrend, Vietnamese buyers have not been in a hurry to sign new deals, emphasizing the still slow demand recovery. As a result, local HRC producers have also been focused on the expansion of export sales.
More specifically, the prices for ex-China SAE1006 HRC have been voiced at $690/mt CFR and above for April-May shipments, compared to $685-690/mt CFR last week, standing in line with local HRC offers from both Hoa Phat Group and Formosa Ha Tinh Steel. Meanwhile, new offers for ex-China SS400 HRC have settled at around $650-660/mt CFR, the same as last week, though cheap offers from Chinese suppliers Anfeng Steel have increased by $10/mt week on week to $645/mt CFR, according to sources.
Offers from other foreign suppliers have been rare in Vietnam this week, with only indicative offers for ex-India HRC settling at $735/mt CFR, versus $720-730/mt CFR last week.
At the same time, while, according to sources, “it has been hard to make any deal in Vietnam amid weak demand,” local Vietnamese HRC producers have focused on export sales, offering at around $730-735/mt FOB, mainly to the EU. “Exports are much better than the local market, especially to Europe, where local prices have reached almost $900/mt ex-works,” the representative of a local mill told SteelOrbis.
The SteelOrbis reference price for import SAE1006 HRC has moved to $690/mt CFR, compared to $680-690/mt CFR last week given the ongoing increase in import prices.
