Import prices of hot rolled coil (HRC) in Vietnam have posted a slight increase this week, driven primarily by higher offers from Chinese suppliers in line with the rebound in futures prices. Meanwhile, other foreign suppliers of SEA1006 HRC, including Japan, Indonesia, Malaysia and India, have so far applied only minimal upward corrections. Buyers in Vietnam remain cautious, with most adopting a wait-and-see stance to monitor whether the firmer sentiment in China will translate into sustained support for regional import prices.
More specifically, ex-China offers for Q235/SS400 HRC, 1,900-2,000 mm, in Vietnam have been voiced at $497-500/mt CFR for November shipment, compared to $493-500/mt CFR last week. Besides, offers for Q195 HRC, 3,000 mm, have settled at $490/mt CFR for October shipment. At the same time, indicative offers for SAE1006 HRC from China have settled at $515/mt CFR.
Meanwhile, offers for ex-Indonesia 3,000 mm SAE1006 HRC have settled at $507-508/mt CFR for end-of-November shipment, compared to $505-510/mt CFR last week, though a number of sources said that customers still aim to sign new deals at lower levels, bidding at around $498-500/mt CFR levels.
Ex-Malaysia 3,000 mm SAE1006 HRC has been offered at around $510-515/mt CFR for December shipment, up by $2-7/mt week on week, while offers from Japan for 1,200 mm SAE1006 HRC have remained at $525-530/mt CFR for November-December shipment.
Besides, following a deal for ex-India HRC signed at $507/mt CFR last week, this week offers for ex-India coils have been voiced at $515-519/mt for November shipment.
Thus, the SteelOrbis reference price for import SAE1006 HRC has moved to $507-510/mt CFR Vietnam, compared with $505–507/mt CFR last week.
As of September 17, HRC futures at Shanghai Futures Exchange are standing at RMB 3,390/mt ($477.5/mt), increasing by RMB 48/mt ($6.5/mt) or 1.4 percent since September 10, while declining by 0.38 percent compared to the previous trading day, September 16.
$1 = RMB 7.1013
