Although at the beginning of last week a slight rebound in ex-China HRC prices have been seen in Vietnam, this week the mood has been more negative than positive as Vietnamese buyers are insisting on additional discounts, while Chinese futures HRC prices have shown a new drop.
Specifically, offers for ex-China Q235 HRC in Vietnam have been estimated at around $490/mt CFR, versus $500/mt CFR at the beginning of last week, though the tradable prices have been reported at $485-486/mt CFR for January shipment, down by $4-5/mt week on week. Meanwhile offers for ex-China Q235 HRC have been voiced at $485/mt CFR, with a few deals reported at already $480/mt CFR. Offers for ex-China Q195 HRC have been reported at $480/mt CFR, down by $5/mt over the past week.
As for SAE1006 HRC, while suppliers from Japan, Taiwan and South Korea have kept refraining from offers in Vietnam with indicative prices still standing at around $520/mt CFR and above level, most offers from Chinese suppliers have been voiced at around $505-510/mt CFR, compared to $505-515/mt CFR at the of last week, though several offers from non-VAT Chinese suppliers have been voiced at $500/mt CFR, according to sources. Thus, the SteelOrbis reference price for imported SAE1006 HRC have moved to $500-510/mt CFR, down by $5/mt over the past week.
“Vietnamese HRC buyers have been very cautious in terms of new import purchases as all wait the results of antidumping investigation to be announced very soon, some expect beginning of January,” a Vietnamese trader told SteelOrbis.
In the meantime, as of December 18, HRC futures at Shanghai Futures Exchange are standing at RMB 3,450/mt ($480/mt), decreasing by RMB 111/mt ($15/mt) since December 11, while down 1.2 percent compared to the previous trading day, December 17, according to SteelOrbis data.