Posted on 03 Jan 2023
Vietnam’s re-rolling hot rolled coil import market is rising, Kallanish notes. Buying interest has improved. Sellers continue to press for higher prices especially after gaining price acceptance.
A Vietnamese stockist/trader booked 30,000 tonnes of 2mm up thickness SAE 1006 HRC on around 26 December for March shipment from a popular Chinese mill at $610/tonne cfr Ho Chi Minh City, trading sources report. HRC from the same Chinese mill is now offered at $620/t cfr.
Buying interest has improved because domestic mills are heard to have sold out their latest allocations for February/March shipments. Chinese HRC offer prices have come off from recent highs since mid-December but suppliers continue to be bullish for a demand rebound post-Lunar New Year.
Re-rolling mills are trying to purchase as much as they can, a Vietnamese trader says. But he thinks that it is difficult to do so. “China and India do not want to sell March shipments,” he explains.
Offers for SS400 HRC from China are prevailing at $590-595/t cfr. There could be some deals at that level, but trading sources are not definite. A Chinese trader says he is only receiving bids at $585/t cfr. “Demand for SS400 HRC is still weak,” another Vietnamese trader noted on Thursday. “Bid prices are often lower than offer prices, so there are not many deals concluded during the week.”
Kallanish assessed imported SAE grade 2-2.7mm thickness HRC at $610/t cfr Vietnam, up $10 on-week.
Source:Kallanish
