Posted on 16 Nov 2020
The Vietnamese hot rolled coil import market continues to rally after a domestic producer announced a price hike on Thursday, Kallanish notes. Certain overseas suppliers hiked their offers for 2mm SAE 1006 HRC to touch $600/t cfr and offers for other suppliers are mostly at $570/t cfr.
Two Japanese mills raised offers for 2mm thickness SAE 1006 HRC to $600/t cfr, up by a massive $30-40/t over five days while an offer for similar thickness and grade HRC from South Korea was now offered at $580/t cfr, up by $20/t.
"All offers are up," a Vietnamese trader says on Friday. He has seen an offer for SAE 1006 HRC from a less popular Chinese mill at $565/t cfr, and says that bids are prevailing at $560-563/t cfr. The mill's offer on Tuesday was heard at $550/t cfr.
There were lesser bids during the past week because Vietnamese buyers were awaiting the release of fresh HRC offers for January shipment by domestic producer, Formosa Ha Tinh, a regional trader says. The mill hiked its base re-rolling HRC with skin pass by $25/t to $560/t cif Vietnam. This price is for its customers with 20,000t orders and smaller customers are likely to end up paying more. A Chinese trader notes that the domestic Vietnamese price for SAE 1006 HRC has risen to the equivalent of around $565/t cfr. Chinese 2mm and up SAE HRC offers are prevailing at around $570/t cfr, up by $20-30/t on-week.
On Friday, Kallanish assessed 2-2.7mm SAE1006 HRC at $563-565/t cfr Vietnam, $23.5 higher on-week.
Source:Kallanish
