Tight regional supply of ASIA HRC, as well as Vietnamese steelmaker Formosa Ha Tinh Steel Corp’s increase in November-shipment offers, continued to boost import prices in Vietnam in the past week.
*** Indian steel mills
Market sources said there were limited materials in the spot market because at least two major Indian steel mills had withdrawn offers in anticipation of more improvements in India’s domestic market, leaving only two Indian mills offering materials to Asia.
Indian steel mills had offered cargoes at $540-545 per tonne fob to Southeast Asia, with Fastmarkets assessing Indian HRC export prices at $530-535 per tonne fob on Friday September 11, an increase of $15 per tonne compared with last week’s assessment at $515-520 per tonne fob.
Brazil was also not offering cargoes to Asia, limiting Southeast Asian buyers to cargoes from Vietnam, South Korea, Japan, Taiwan and China.
Offers were at $545-550 per tonne cfr Vietnam for Indian cargoes, while South Korean and Japanese mills were offering materials at $560-570 per tonne cfr Vietnam.
Russian coils were heard offered at $510 per tonne fob, or about $545 per tonne cfr Vietnam, although this could not be confirmed.
A transaction involving at least 10,000 tonnes of HRC to be shipped either in late October or November from a major Indian steelmaker was confirmed at $539 per tonne cfr Vietnam.
*** Chinese HRC
A transaction involving Chinese HRC to be shipped in November from a major Chinese steel mill was heard at $540 per tonne cfr Vietnam. The Chinese steel mill had been offering materials at $550 per tonne cfr Vietnam.
There was talk in the market that another transaction was concluded at $537 per tonne cfr Vietnam for an Indian cargo. While the details could not be verified, market sources said this was within negotiation ranges.
Bids were at $530-535 per tonne cfr Vietnam.
Market participants feel prices in China have peaked and started a slight downward trend.
“This is especially so after key exporter Shagang cut its HRC export price by $5 per tonne to $535 per tonne fob China. In the coming weeks, Chinese steel may start to be seen more regularly in the spot market,” a trader in East Asia told Fastmarkets on September 11.
*** Price assessment for ASIA HRC
Fastmarkets’ weekly price assessment for steel HRC import, cfr Vietnam, which mainly looks at 2-3mm rerolling-grade SAE1006 HRC and equivalent products, was $537-540 per tonne on September 14, up by $5-7 per tonne from $530-535 per tonne cfr Vietnam a week earlier.
“The tight supply and high prices also encouraged Formosa Ha Tinh Steel to hike their offers for November-shipment materials,” a trader in Vietnam told Fastmarkets on September 11.
The major blast furnace-based producer listed initial offers for SAE1006 HRC was at $550-555 per tonne cif for domestic customers the same day.
“Various tiers of customers will receive different offers at around this range,” an industry source related to the steel mill told Fastmarkets on September 11.
Pipe-making and SS400-grade HRC was offered at $545-550 per tonne cif.
*** Formosa Ha Tinh Steel
Formosa Ha Tinh Steel’s offers were in line with market expectations, especially with the constant upward trend in HRC prices in the past months following Covid-19 outbreaks in various Asian countries.
The steelmaker also offered SAE1006 HRC to Thailand at around $570 per tonne cfr.
این مطلب بدون برچسب می باشد.
ثبت دیدگاه