Vietnamese hot rolled coil (HRC) customers have accepted some slight price increases in deals disclosed to the market today, June 11. Positive sentiments and high offer prices have pushed importers to purchase.
A contract for 20,000 mt of Indian SAE1006 HRC has been concluded at $438/mt CFR this week, SteelOrbis has confirmed. Market sources agree that $440/mt CFR Vietnam “can be workable for now.” The previous deal level was $430-435/mt CFR late last week.
Also, a Russian mill has managed to sell an additional tonnage of HRC to Vietnam at $430/mt CFR. Sources from Vietnam have claimed that the contract for HRC from this mill was signed this week for 40,000 mt by one of the major Chinese traders, but SteelOrbis has clarified that the producer sold the additional tonnage totalling 20,000-25,000 mt last week. The previous contract for 40,000 mt of HRC from the same supplier to Vietnam was reported at $425/mt CFR in early June.
Some sources reported that Turkish mills have been targeting Asia and a deal has been rumoured at $440/mt CFR, probably to Vietnam, but this information has not been confirmed so far.
Offers for HRC from major suppliers have remained almost at the same level reported early this week. Indian mills are offering at $440-445/mt CFR Vietnam, South Korean HRC is available at $450-455/mt CFR, and prices from China are among the highest at $460-465/mt CFR.