Posted on 17 Mar 2025
Indonesia’s Dexin Steel recently sold hot rolled coil into Europe unencumbered by EU safeguard quotas, Kallanish notes. The mill was able to enjoy an attractive export price which was higher than in the ASEAN regional markets.
The mill is heard to have sold 10,000 tonnes of 3mm base thickness SAE1006/SS400 HRC at $510/tonne fob to Gdansk. Freight to Poland is estimated at $73/t, trading sources say. The mill was also heard to have sold 30,000t to Italy, also at $510/t fob. Both cargoes are for June shipment. Dexin has since raised its offer price for 3mm base thickness HRC to $520/t fob.
“Prices have increased especially for exports to Europe due to no quota restrictions to Europe for Indonesian-origin material,” a Jakarta trader says. He notes that another domestic Indonesian mill is offering HRC at $540/t fob Cigading.
Dexin’s sales price of $510/t fob is a “fantastic price”, a Manila trader says. “Chinese HRC here is still being offered at $480/t cfr.” A Hanoi trader notes: “It is a good price; they cannot sell at $500/t fob in Asia.” Market participants attribute the Indonesian mill’s recent good sales to the EU to it sharply hiking its slab prices last week. The mill’s June-shipment slab export price was raised daily between Tuesday and Friday, for a combined $40/t, resulting in $475/t fob on Friday.
The Vietnamese HRC market continues to struggle to close import deals. Demand is still low, a reroller says. Both domestic and export demand for coated steel are slow but the domestic market is a "bit better", she says.
Traders are still offering Dexin’s HRC at $510/t cfr Vietnam. Offers for Japanese and South Korean SAE 1006 2-3mm with 30-50% 2mm thickness HRC are prevailing at $530/t cfr. “Bids are only at $500-505/t cfr,” another Vietnamese trader observes. Kallanish assessed SAE grade 2-2.7mm thickness HRC at $500-505/t cfr Vietnam, unchanged on week.
Source:Kallanish
