Posted on 08 Mar 2021
The Vietnamese hot rolled coil market continues to rise amid higher asking prices from foreign suppliers, Kallanish notes. Buyers continue to turn to Indian material as it is the most competitive source in the market.
Vietnamese re-rollers booked a 30,000-tonne cargo of Indian SAE 1006 2mm and up thickness HRC at $745/tonne cfr on 4 March, Vietnamese trading sources say. The cargo is due for shipment by early April. It is a good price for the buyers because there is nothing cheaper in the market, a Chinese trader says. Indian offers have since gone up to $760/t cfr Vietnam. Indian HRC bookings took place at $735-740/t cfr a week earlier.
The usual Chinese exporting mills were offering 2-2.5mm thickness SAE 1006 HRC at $760/t cfr Vietnam on 5 March, but there were also offers from some other Chinese mills at $750/t cfr. These offers are $10/t higher than in the previous week. Offers for Chinese SS400 3mm and up thickness HRC are now priced at $730-740/t cfr. Freight rates from China to Vietnam have risen to around $20/t.
Taiwanese SAE 1006 2mm thickness HRC is now offered at $800/t cfr Vietnam, up $20/t from a week ago. A Tier 1 Chinese mill’s 2mm SAE 1006 HRC is similarly offered at around this level.
Despite a 2.75% drop in Chinese HRC futures on 5 March, Chinese traders say they do not see any impact on Chinese export prices.
Kallanish assessed the import price for SAE 2-2.7mm thickness HRC on 5 March at $745/t cfr Ho Chi Minh City, up $25/t on-week.
Source:Kallanish
