Though for now prices for import HRC in Vietnam have seen only cautious attempts at increases, at least one deal has been heard at a slightly higher price level. Also, local Vietnamese mills have been rather active in domestic sales.
One contract for 30,000 mt of ex-Indonesia HRC is heard to have been done at $508/mt CFR, according to a number of sources, which is up from the previous sale reported early this week at $503-504/mt CFR. Most market sources agree that $508/mt CFR is the latest workable level for 3 mm HRC, while negotiations for an ex-India mixed cargo of coils consisting of 70 percent 3 mm and 30 percent 2 mm have been heard at $510/mt CFR.
Nevertheless, another contract for 30,000 mt of Indonesian HRC to Vietnam has been reported at $501-502/mt CFR. It has been widely discussed in the market. “Today's bids have reached $508/mt CFR for 3-16 mm coils. So, I feel $501/mt CFR is a super cheap price for today,” an Asian trader commented. Market sources confirmed that this low level is for September shipment, but some believe the contract was signed a bit earlier.
Offers for 2mm HRC have been starting from $515/mt CFR by the end of this week.
The SteelOrbis reference price for import HRC stands at $504-515/mt CFR (the lower end is the average of all bookings reported this week), down by $1.5/mt on average from last week.
At the same time, Hoa Phat seems to have almost closed its order books for the local market for this month, according to market sources. “HPDQ sold 545,000 mt for the domestic market this month, while the rest totaling around 150,000 mt will be for export,” a source said. Hoa Phat's prices for September delivery were officially set at $535-536/mt CIF (excluding VAT) on Monday, while for large orders with discounts the price has been at $522/mt CFR, according to the sources.
