Following a slight price recovery seen in Vietnam’s HRC import market last week, this week has brought another increase in prices amid rises in China. However, although some deals have been reported at higher levels, for ex-China SS400 coils in particular, most Vietnamese customers have continued to resist higher prices given extremely low demand in the country.
Accordingly, Chinese suppliers have come up with new offers for SAE1006 HRC at around $640/mt CFR and above, compared to $610-620/mt CFR last week. Meanwhile, ex-China SS400 HRC offers have settled at $620-630/mt CFR Vietnam, up by $30/mt week on week. At the same time, most customers’ bids for SS400 coils have increased to $600-610/mt CFR, with a few deals for small tonnages reported at the abovementioned levels, up by $20-25/mt week on week. “Most deals are signed by pipe makers who need to replenish their stocks, while most customers in Vietnam are refraining from any bookings,” a market insider said.
Meanwhile, indicative offers for ex-India boron added HRC through traders have been voiced at $600/mt CFR and above, compared to $590-600/mt CFR last week. According to sources, Indian suppliers have been offering several big lots to Asian customers, including Vietnam, though buyers in Vietnam are unwilling to sign new deals, even with significant discounts.
Furthermore, Japanese suppliers have reported their offers for SAE1006 HRC to Vietnam at around $640-650/mt CFR, compared to $670/mt CFR last week. However, most bids for ex-Japan materials from Vietnamese buyers have been voiced at as low as $610-615/mt CFR. “The level at around $640-650/mt CFR Vietnam could be quite acceptable for Japanese suppliers, but customers do not want to accept it, while we do not want to dump in Asia,” a Japanese supplier told SteelOrbis.
The SteelOrbis’ reference price for imported SAE1006 HRC has moved to $600-640/mt CFR, up by $10-30/mt week on week, with the lower end of the range corresponding to sporadic offers for ex-India boron added coils, while the higher end of the range corresponds to offers from China and Japan.
