New bookings at higher prices have been reported in the Vietnamese HRC market by the end of the week. The global rally and ongoing tight supply have kept boosting prices.
Around 30,000 mt in total of ex-Japan SAE1006 HRC were sold in two bookings at $700/mt CFR to Vietnam recently after a break in activity. Customers in need of higher grade coils had to accept such a high price level, taking into account the still bullish sentiment in the market and the lack of attractive offers from any sources. “The price is expected to reach $730/mt next week,” a trader told SteelOrbis.
On Thursday, a position cargo from a Chinese trader was reported at $670/mt CFR, but most offers from China for SAE1006 HRC have increased further recently and market sources have reported deals at $680-685/mt CFR from China today, Friday. The major Chinese mills have been seeking levels above $690/mt CFR.
Most offers from Taiwan, Japan and India have been reported from $740/mt CFR to $750/mt CFR, depending on supplier.
The SteelOrbis reference price for imported HRC in Vietnam has been increased to $680-700/mt CFR, up from $660/mt CFR on average earlier this week and up by $35/mt compared to a week ago.
