The outlook for import HRC prices in Vietnam for November has become better, supported not only by the bullish mood among Indian suppliers, who have been the main sellers to the country recently, but also by the better situation as regards the HDG sales of Vietnamese producers.
Indian HRC suppliers have increased their prices to $905-920/mt CFR or have withdrawn offers to Vietnam, targeting other destinations where such prices are acceptable. Last week, the tradable level in Vietnam was at $870-890/mt CFR, with some rare deals done. And though no contracts at higher prices have been reported so far, the market mood has been better.
“Buyers from the EU and the US closed large orders from Vietnam, with a quantity of about 60,000 mt of coated steel,” a Vietnam-based trader said, adding, “In general, the market is forecast to increase in the near future and expects a strong bounce.”
Both Vietnamese HRC producers are heard to be sold out for December shipment and may push for higher prices for January-February shipments since the overall market in the ASEAN region has improved and there is “better price absorption than before,” a source said.
There have been no fresh offers from mills from the CIS to Vietnam so far, while the previous offers from traders for ex-Russia coils were at $880/mt CFR.
The SteelOrbis reference price for imported HRC remains at $870-890/mt CFR, as new deals are awaited for a further increase to be seen.
