Posted on 26 Sep 2022
Vietnamese importers continued to book commercial-quality hot rolled coil from China last week, Kallanish notes.
Bookings for Chinese 3-12mm thick SS400 HRC took place at around $570/tonne cfr Vietnam, Vietnamese and Chinese trading sources say. Around 20,000-30,000 tonnes was booked at $565-575/t cfr for both October and November shipments to Haiphong and Ho Chi Minh City (HCMC) on 19-22 September, a Chinese trader says.
Another Chinese trader said on Thursday that about 30,000t was booked for shipment by early December at $570/t cfr Vietnam. The recent depreciation in the Chinese yuan supported the deals, traders note. Bookings of same grade and thickness Chinese HRC previously took place at $568/t cfr on 16 September.
Chinese suppliers are pressing for higher prices. Nearly all offers are around $575/t cfr HCMC for shipment by 15 December, a Vietnamese trader said on Friday. The domestic market is, however, still weak, he adds.
The market for imported re-rolling HRC was quiet during the week. Trading sources say they are not seeing offers for SAE 1006 HRC, including from China. The Vietnamese market is priced too low for exporters to sell, a Chinese trader observes.
In the past ten days, domestic producers Formosa Ha Tinh and Hoa Phat released their new domestic HRC allocations at $610/t cfr and $595/t cfr Vietnam respectively, unchanged from last month (see Kallanish passim).
Kallanish assessed SAE grade 2-2.7mm thickness HRC at $590/t cfr Vietnam, up $2.5 on-week.
Source:Kallanish
