Prices for import HRC in the Vietnamese market have continued to be aggressively pushed up by suppliers this week. The uptrend is expected to persist after the holiday period given the bullish mood of most main exporters.
Market sources said that ex-India SAE 1006 HRC prices have increased strongly, by $10-20/mt to $810-820/mt CFR Vietnam since Tuesday, January 25. “Nobody wants to sell HRC at $800/mt CFR anymore and, even for a big order, suppliers do not want to accept this price. Most exporters said they are just waiting until after the Lunar New Year holiday and have withdrawn all their old offers,” a mill’s representative in Vietnam told SteelOrbis.
Meanwhile, the Vietnamese market has been actively discussing the new price idea of a large Japanese manufacturer. “Offers for March shipment coils are likely to be at $850/mt CFR Vietnam, $50/mt higher than shipment prices last February,” a trader based in Vietnam said. This uptrend is mainly explained by a cost push from soaring coking coal prices along with higher quotes for Indian and Chinese material.
At the beginning of the week, Chinese suppliers offered SS400 HRC at above $800/mt CFR and SAE 1006 at $830-840/mt CFR Vietnam. By Thursday 27, most Chinese mills and trading companies have withdrawn from the market.
The SteelOrbis reference price for imported SAE 1006 HRC in Vietnam has been increased by $45-50/mt over the past week and by $10/mt since Tuesday, January 25, to $800-810/mt CFR.
