Import prices for hot rolled coil (HRC) in Vietnam have remained largely stable, with only a slight upward bias seen this week, as Indian sellers aimed to increase their offers. Meanwhile, Vietnamese buyers have remained cautious and largely refrained from active purchasing, while assessing whether the firmer market sentiment in China could provide longer-term support for regional import prices.
More specifically, given the imposition of export licenses in China, traders who had earlier offered their non-VAT material at cheaper prices have left the Vietnamese market, with the latest offers for ex-China Q235 HRC reported at $485/mt CFR for February shipment, compared to indicative offers at $490/mt CFR last week but up by $5-8/mt over the past two weeks.
At the same time, other foreign suppliers have been offering SAE1006 HRC in the range of $487-505/mt CFR. According to sources, several deals for ex-India HRC for around 20,000 mt in total have been booked over the past seven days at $482-483/mt CFR, compared to deal prices at $477-482/mt CFR last week, while as of Thursday, January 8, most offers for ex-India HRC have increased to around $488-490/mt CFR.
Furthermore, offers for ex-Indonesia SAE1006 HRC have been voiced at around $495/mt CFR for mainly April shipment, while offers from Japan have settled at $505/mt CFR for March shipment.
Thus, the SteelOrbis reference price for import SAE1006 HRC in Vietnam has moved to $488-490/mt CFR, up by $5/mt on the lower end of the range since the beginning of the week and compared to $477-490/mt CFR last week, with the lower end of the range corresponding to ex-India HRC offers.