Import HRC prices in Vietnam have edged higher over the past week, driven by reduced availability from China and firmer offer levels from alternative suppliers. The withdrawal of Chinese traders following the introduction of export licensing and the impact of antidumping duties have tightened supply, while rising domestic prices in India and higher offers from Japan and Indonesia have further supported the market, despite demand remaining selective.
More specifically, given the imposition of export licenses in China, Chinese traders who had earlier offered their non-VAT material at cheaper prices have left the Vietnamese market, with the latest indicative offers for ex-China Q235 HRC reported at $487-490/mt CFR for February shipment, mainly the same as last week. However, according to sources, these price levels are mainly indicative, as most Chinese traders have stopped offering both Q235 and even Q195 HRC, as well as SAE1006 HRC, due to antidumping duty. Indicative offers for ex-China Q355 HRC have been voiced at $502-505/mt CFR.
At the same time, other foreign suppliers have been offering SAE1006 HRC in the range of $495-530/mt CFR, versus $487-505/mt CFR last week. According to sources, while a number of offers for ex-India SAE1006/SS400 HRC have still been occasionally voiced through traders at around $487/mt CFR, by the end of the week most market insiders have reported new offers from Indian suppliers at not lower than $500/mt CFR, mainly amid significant HRC price growth in the local Indian market.
Furthermore, offers for ex-Indonesia SAE1006 HRC have settled at around $495-505/mt CFR mainly for April shipment, up by $10/mt on the higher end of the range week on week, while new offers from Japan have been voiced at as high as $515/mt CFR for end-of-March shipment, compared to $500-505/mt CFR last week.
As a result, the SteelOrbis reference price for import SAE1006 HRC has moved to $495-500/mt CFR, versus $484-490/mt CFR last week.