Offers for Asia SAE1006 HRC into Vietnam have increased on less spot supply in the market in the week to Monday October 26, sources told Fastmarkets.
*** ASIA SAE1006 HRC , Indian and Chinese
Indian mills were offering December-shipment import cargoes at $535 per tonne cfr Vietnam, while traders were offering similar material at $540 per tonne cfr Vietnam after considering trading margins.
Chinese steel mills were offering December-shipment re-rolling grade cargoes at $540 per tonne cfr Vietnam and SS400 cargoes at $530 per tonne cfr Vietnam. A smaller Chinese mill was heard offering SS400 material at $520-525 per tonne cfr Vietnam, sources said.
There was market chatter that small quantities of re-rolling grade material from a Chinese mill was sold at $525-530 per tonne cfr Vietnam, but this could not be verified, sources said, adding that negotiations would likely take place at this price level.
Russia’s Magnitogorsk Iron & Steel Works (MMK) was offering February-shipment pipe-making HRC at $520 per tonne cfr Vietnam, however, the forward shipping period meant that there was little interest from buyers.
*** ASIA SAE1006 HRC
Buying interest dimmed over the week to Monday after numerous transactions last week, with buyers mostly satiating their appetite with domestic supply from Formosa Ha Tinh Steel Corporation.
Buyers had mostly concluded transactions at $535-540 per tonne cif Vietnam for SAE1006 HRC, with bigger buyers able to get more favorable prices from the steelmaker, sources said.
Buyers were bidding at $520-525 per tonne cfr Vietnam, although there were no transactions heard with industry sources claiming these bids were not workable in the current spot market.
South Korean HRC was offered at $530 per tonne fob, or $550 per tonne cfr Vietnam, while Taiwanese HRC was offered at $555 per tonne cfr Vietnam.
***price assessment of hot-rolled coil
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 $525-530 per tonne on Monday, up $5 per tonne from a week earlier.
In the ex-Vietnam markets, Taiwanese steel mills sold SPHC-grade HRC to the Philippines at $555-560 per tonne cfr.
***Formosa Ha Tinh Steel
Vietnamese flat steel producer Formosa Ha Tinh Steel sold SAE1006 HRC to Southeast Asia at $560 per tonne cfr Malaysia and $550 per tonne cfr Indonesia in the past week after it announced its December-shipment offers on October 15.
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