Following some turbulence which appeared in the Chinese market this week followed by big increases in iron ore and HRC futures prices, according to sources Vietnamese customers have managed to purchase several big batches of ex-Taiwan and ex-India HRC at attractive prices levels, anticipating price rebounds.
More specifically, market insiders have reported a deal for 40,000 mt of ex-Taiwan SAE1006 HRC at $570/mt CFR, down by $10/mt from offers reported this week. Besides, another deal for 30,000 mt ex-India HRC has been signed at $568-569/mt CFR, compared to official offers at $600/mt CFR reported this week in Vietnam. Meanwhile, indicative offers from both Taiwan and India have been estimated at around $585-600/mt CFR, though, according to sources, “Everyone is waiting for next week to see where the trend will go.”
At the same time, following increases in iron ore and HRC futures in China, by the end of the week Chinese SS400 HRC offers from most suppliers have increased by $15-25/mt to $545-555/mt CFR. “Only from a very few Chinese sellers we are still hearing offers at $530/mt CFR, while others have decided to go higher,” a Vietnamese trader told SteelOrbis. Meanwhile, offers for ex-China SAE1006 have been rare in Vietnam, with only a few offers reported at around $575-585/mt CFR, compared to $560-570/mt CFR at the beginning of the week.
The SteelOrbis’ reference price for imported SAE1006 HRC in Vietnam has settled at $570-590/mt CFR, up by $10/mt since the beginning of the week amid improved sentiments in China on the back of the recovery in HRC futures prices.
