Vietnamese re-rolling HRC draws near $800

Posted on 29 March 2021

The Vietnamese hot rolled coil import market is still firming, Kallanish notes. Suppliers continue to hike offers in a market which is seeing freight rates reach record levels and China temporarily withdraw export offers as it awaits clarity over steel export rebates.

A Vietnamese stockist is heard to have booked a cargo for Indian 2mm and up thickness SAE 1006 HRC at $780/tonne cfr on 24 March. The Indian mill has since raised fresh offers to $800/t cfr, Vietnamese trading sources say. However, Indian traders heard the mill has raised its offer for April shipments to $815/t cfr. Taiwanese and Japanese 2mm base SAE 1006 HRC is offered at $850/t cfr. There are no Chinese HRC offers because the widely-rumoured April cut in the export rebate for HRC has yet to be settled.

There was a previous booking by a Vietnamese re-roller of SAE 1006 HRC from a Tier 1 Indian mill at $780/t cfr on 19 March. There is some market talk that a deal could have transpired for this same Tier 1 Indian mill at around $800/t cfr Vietnam, but sources are unable to confirm this. Kallanish assessed the import price for SAE 2-2.7mm thickness HRC on 26 March at $780-785/t cfr Ho Chi Minh City, up $17.5 on-week.

Meanwhile, an Indian mill released an export tender on 26 March for 18,000-20,000 tonnes of SS400 slab for shipment by mid-May. The tender has attracted a bid of $600/t fob India, but the mill is not accepting this level, an Indian trader reported on Friday. He understands that the mill’s target price is higher, at $620/t fob.

Source : Kallanish