Buyers booked at least four cargoes of imported Asia HRC on a cfr Vietnam basis in the week to Monday October 19, with Russia, China and Kazakhstan among the main suppliers, sources told Fastmarkets.
*** Russia’s Magnitogorsk Iron & Steel Works (MMK)
One buyer bought a large cargo of steel for pipemaking from Russia’s Magnitogorsk Iron & Steel Works (MMK) at $510 per tonne cfr Vietnam. Part of the January-shipment cargo, or around 30,000 tonnes, was fixed by a South Korean trader.
Another buyer was heard to have bought a pipemaking-grade cargo from a major steelmaker’s Kazakhstan facility at the same price.
Traders were also heard to have bought position cargoes of re-rolling grade HRC at $520 per tonne and $525 per tonne cfr Vietnam from China, including at least one 30,000-tonne cargo.
*** Asia HRC , Formosa Ha Tinh Steel Corp
Market participants were surprised that the transactions for imported re-rolling grade HRC had been concluded in the past week, especially with major domestic producer Formosa Ha Tinh Steel Corp just releasing its October-shipment offers late on Thursday October 15.
“It’s unlikely that any end users bought those imported materials because they are most likely still negotiating with Formosa Ha Tinh Steel Corp for domestic cargoes,” a buyer source in Vietnam told Fastmarkets on Thursday.
Formosa Ha Tinh Steel reduced its offer prices for December shipments by $15 per tonne, in line with the downtrend in HRC prices in Asia, especially with major Chinese producer Baosteel lowering its offer steel prices for the export markets by around the same amount.
Market sources said Formosa Ha Tinh Steel had started negotiations with end users at around $530 per tonne cif for SAE1006 non-skin-pass HRC, while its offer for SAE1006 HRC with skin-pass was $535 per tonne cif.
It had offered pipemaking and SS400-grade HRC at $525 per tonne cif.
“Of course, this depends on which customer is negotiating and the quantity it wants,” a Vietnamese trader told Fastmarkets on Monday October 19.
*** Asia HRC , Indian and South Korean HRC
Offers for Indian HRC were at $540 per tonne cfr Vietnam, unchanged from the previous week. There were limited negotiations for these materials due to their premiums over other origins.
Fastmarkets’ weekly price assessment of steel HRC import, cfr Vietnam, which mainly looks at 2-3mm rerolling-grade SAE1006 HRC and equivalent products, was $520-525 per tonne on Monday, up $5 per tonne from a week earlier.
A major South Korean steel mill listed its initial offer at $555 per tonne cfr Vietnam, while a major Japanese supplier was offering HRC at $570 per tonne cfr Vietnam.
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