Following the continuous fluctuations of import HRC prices mainly caused by ups and downs in futures and local prices in China, Vietnamese customers have managed to book around 70,000 mt in total of ex-China SS400 and SAE1006 HRC during the past weeks, market sources have stated.
More specifically, following offers for ex-China SS400 HRC at $545/mt CFR Vietnam at the beginning of last week, several big cargos were signed at around $555-560/mt CFR Vietnam at the end of last week, while this week a few batches have been sold in Vietnam at $548-550/mt CFR. At the same time, most offers for ex-China SS400 HRC have been reported at $550/mt CFR, with bids standing at $548/mt CFR.
Furthermore, another deal for 20,000 mt of ex-China SAE1006 HRC have been reported in Vietnam at $565/mt FOB, which corresponds to around $575/mt CFR. At the same time, new offers for ex-China SAE1006 HRC have been voiced at $580-585/mt CFR.
“Vietnam has bought around 70,000 mt of Chinese HRC, both SS400 and SAE1006, since last week, mainly in order to replenish stocks, while the future trend still lacks clarity,” a Vietnamese trader said.
Meanwhile, offers from other suppliers have remained rare in Vietnam, with indicative prices for ex-Japan and ex-Taiwan SAE1006 HRC standing at $580-590/mt CFR, while offers for ex-India HRC have been estimated at $610-615/mt CFR, according to sources.
The SteelOrbis reference price for imported SAE1006 HRC in Vietnam has moved to $575-580/mt CFR, from $570/mt CFR, given new deals signed at the lower end of the range and higher offers coming from most suppliers.