Posted on 30 Sep 2024
Vietnam’s hot rolled coil import market saw prices of Chinese HRC imports shoot up, Kallanish notes. This is in response to China’s unveiling of its biggest stimulus measures since Covid-19.
On Friday, Chinese 3-12mm thickness Q235 offers for November shipment in Vietnam were heading towards $495-500/tonne cfr, increasing almost daily in tandem with the rising Shanghai steel futures. Offers were at $480-490/t cfr last Thursday. “It is too crazy, prices have risen by $35-40/t in only 7-10 days,” a Hanoi trader notes.
For rerolling grade HRC, Vietnamese buyers recently turned to ordering South Korean and Japanese material. A cargo exceeding a vessel of 30,000-35,000t of Japanese SAE 1006 HRC was ordered last week at $495-500/t cfr, Vietnamese sources say.
A cargo of 20,000-30,000t of South Korean SAE 1006 was ordered at $490/t cfr early during the week through 20 September. The booked cargoes were for 2mm and 2.5/2.75mm thickness HRC, with 50% comprising 2mm thickness and will be shipped during second-half November with last shipment by 15 December.
However, Japanese SAE 1006 HRC is offered in recent days at a higher level of $510/t cfr Vietnam, another Hanoi market source says. “Maybe it is increasing further,” he adds.
Chinese SAE 1006 HRC offers are scant in the market. "No one is interested now till the China holidays are over,” says a regional trader when asked where Chinese offer levels are.
SAE grade 2-2.7mm thickness HRC is assessed at $495-500/t cfr Vietnam, up $25/t.
Source:Kallanish
