Prices for imported HRC in Vietnam have started to show some signs of a rebound, since low-priced ex-CIS offers have not been available anymore and customers have had a limited number of options. Nevertheless, the tradable price level is still below $900/mt CFR as demand has not recovered to the previous level.
According to market sources, an Indian steel mill has managed to sell 30,000 mt of SAE1006 HRC at $890/mt CFR. This price corresponds to the lowest offers available from India in the middle of this month. But in general market sources believe that “the price is good in the current conditions.” A number of Indian suppliers are still offering at above $900/mt CFR, seeing a stronger local market.
As SteelOrbis reported a week ago, in total 120,000 mt of ex-Russia HRC were traded at $843-850/mt CFR. Also, around 25,000 mt of ex-Kazakhstan SS400 HRC changed hands at $840-850/mt CFR earlier this month. But at the moment, there are no such offers, sources have said. Some traders have seen the indicative level for ex-Russia material at $880/mt CFR.
Most market participants agree that the market is still weak and that demand in general has not improved much, but “let’s see what November will bring. It could bring some warming,” a trader said.
The SteelOrbis reference price for imported SAE1006 HRC has increased by $20/mt on average to $880-890/mt CFR this week.