This week has started with another decrease in HRC prices from Chinese suppliers to Vietnam, with offers for ex-China SS400/Q235 falling by around $12-15/mt since the beginning of last week, while workable prices have been at $516/mt CFR in a number of fresh deals. At the same time, offers for re-rolling SEA1006 HRC have dropped as well, by at least $5/mt, while tradable prices have dropped to below $540/mt CFR, according to sources.
More specifically, ex-China Q235/SS400 HRC offers have settled at $518-520/mt CFR Vietnam, against deals at $525-527/mt CFR at the end of last week and versus offers at 4530-535/mt CFR at the beginning of last week. Besides, according to sources, this week several deals have already been reported at $516-518/mt CFR levels in Vietnam. Offers for ex-China Q195 HRC have been assessed at levels of $515/mt CFR and below, down by $7/mt week on week.
Meanwhile, around 40,000 mt of Chinese SAE1006 HRC were sold in Vietnam at $540-545/mt CFR last week, versus $545/mt CFR reported earlier. At the same time, most offers have been voiced at mainly the same level this week, though market insiders have been estimating the new tradable prices at $535/mt CFR for the next round of purchases. Thus, the SteelOrbis reference price for imported SAE1006 HRC in Vietnam, based mainly on ex-China offers, has come to $535-540/mt CFR on June 26, compared to $545/mt CFR last week.
Indicative offers from ex-Japan SAE1006 HRC have been estimated at $560-565/mt CFR, down by $5-10/mt week on week. According to sources, talk about a deal for ex-Japan HRC signed at $545/mt CFR has been circulating in the market, though this information has not been confirmed by the time of publication.
As of June 26, HRC futures at Shanghai Futures Exchange are standing at RMB 3,753/mt ($527/mt), decreasing by RMB 33/mt ($4.5/mt) since June 19, but up 0.62 percent compared to the previous trading day, June 25.
