Following the announcement by local producer Formosa Ha Tinh Steel of its new domestic prices on Monday this week, prices in the import HRC market in Vietnam have posted another increase this week. At the same time, according to sources, most import prices which have moved up have been from Chinese suppliers, and mainly for pipe-making coils, given the higher demand for these materials as compared to re-rolling grade SAE1006 HRC.
More specifically, by Thursday, April 18, the prices for ex-China Q235 and SS400 HRC have settled at $540/mt CFR, up by $10/mt since Monday, April 15, and against $535-530/mt CFR last week. Meanwhile, offers for ex-China Q195 HRC have been voiced at around $530/mt CFR, up by $10/mt week on week.
The increased price was mainly explained by continuous rises in HRC futures prices in China, which by April 18 have settled at RMB 3,846/mt ($530/mt), increasing by RMB 85/mt ($12/mt) or 2.3 percent since April 11, while up 1.16 percent compared to the previous trading day, April 17.
In the meantime, offers for ex-China SAE1006 HRC are rare in Vietnam, with the indicative prices heard at $555-565/mt CFR, depending on the supplier, against $560/mt CFR last week. “Offers for re-rolling HRC have been varying from seller to seller and have not shown such an increase as seen in prices for pipe makers as demand remains weak,” a market insider told SteelOrbis.
Furthermore, talk about deals for ex-India HRC has been circulating in the Vietnamese market this week. In particular, according to sources, several deals for around 30,000 mt in total for ex-India HRC have been signed at around $565/mt CFR this week, though no official confirmation has been provided by the time of publication. Meanwhile, indicative offers for ex-India HRC have been heard at $570/mt CFR and above.
The SteelOrbis’ reference price for import SAE1006 HRC has been assessed at $555-565/mt CFR, versus $560/mt CFR last week.