Prices for Asia coil imports into major import market Vietnam have surged on the back of limited spot supply, sources told Fastmarkets.
*** Asia coil , SAE1006 HRC
Buyers were bidding up to $545 per tonne cfr Vietnam for re-rolling grade SAE1006 HRC in an attempt to shore up inventory levels in the face of limited supply from major domestic producer Formosa Ha Tinh Steel Corp and regional sellers.
“Buyers will only likely be able to get material at $550 per tonne cfr Vietnam. They won’t be able to get anything for less than that,” a buyer source in Vietnam told Fastmarkets on Friday November 6.
Offers were at $560 per tonne cfr Vietnam from major Tier-1 steel mills in China, Japan and South Korea, although there weren’t many spot cargoes to offer. Indian HRC cargoes were offered at $550 per tonne cfr Vietnam.
“Many steel mills are attempting to starve buyers of cargoes, so they aren’t offering many materials,” a trader in east Asia told Fastmarkets on Friday November 6.
Traders made offers at $545 per tonne cfr Vietnam for Chinese position cargoes, although it was not immediately clear whether any Vietnamese buyer took up the offer.
*** hot-rolled coil , Formosa Ha Tinh Steel Corp
Formosa Ha Tinh Steel Corp’s shipments continued to be limited while it tried to mitigate the effect of inclement weather. Vietnam has been hit by a spate of typhoons in recent weeks, including Typhoon Molave and Typhoon Goni.
Buyers were also attempting to restock inventories for before the Tet holiday in February 2021.
Meanwhile, Chinese steel mills are not willing to offer large quantities of exports due to the bullish performance of downstream cold-rolled coil and hot-dipped galvanized coil in the country, with strong demand for Chinese flat steel from overseas markets such as South America.
*** Asia hot-rolled coil , price assessment of steel HRC
Fastmarkets’ weekly price assessment of steel HRC import, cfr Vietnam, which mainly looks at 2-3mm re-rolling grade SAE1006 HRC and equivalent products, was $550 per tonne on Monday November 9, rising by $5 from $530 per tonne a week earlier.
A major South Korean producer listed its official offer for HRC at $565 per tonne cfr Vietnam, or $550 per tonne fob Korea.
Suppliers continued to negotiate Japanese HRC material at $560 per tonne cfr Vietnam. Taiwanese steel mills were heard offering cargoes at $565 per tonne fob.
In the ex-Vietnam market, a major Japanese producer offered HRC at $570 per tonne cfr Indonesia.
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