Posted on 31 Mar 2021
The Vietnamese hot rolled coil import market continues to rise, Kallanish notes. Prices are rising in tandem with the buoyant international and Chinese domestic markets.
The latest booking for SAE 1006 HRC from a tier 1 Indian mill took place on 29 March at $810/tonne cfr Vietnam, some Vietnamese trading sources say. The mill’s fresh offers are now at $840/t cfr Vietnam. The transaction price is $30 higher than an order placed with the mill on 19 March.
However, some trading sources say that a transaction price of $810/t cfr is too low for the mill amid a fast-rising international market. “Today, I heard that the mill has pulled back all export offers,” a regional trader said on Tuesday. The Vietnamese market is seeing reduced offers and Chinese mills have been absent because of rumours surrounding the cut in Chinese export rebates for steel. Other origins for SAE 1006 HRC were tagged at $850/t cfr Vietnam last Friday and are expected to be higher this week.
Strong export demand for Vietnamese coated steel is enabling mills to pay more for HRC. “Exports to the EU and US markets are currently very good,” a Vietnamese steel analyst says. She notes there are re-rollers that exported around 90% of their output in the first two months of 2021. This is partly the result of the EU’s anti-dumping duties on China and Turkey, she adds.
Source:Kallanish
