In a recent conversation with market participants, SteelMint learned that Indian steel mills have concluded a couple of HRC export deals in small volumes with Vietnam in the range of USD 450-455/MT CFR basis.
As per the sources, a private steel manufacturer has booked around 10,000 MT of HRC for exports at USD 455/MT CFR Ho Chi Minh for Dec-end or Jan deliveries.
In line with this, another private steel manufacturer has also booked around 5,000-10,000 MT of HRC at USD 450/MT CFR basis for Dec-end Jan deliveries.
Before this, last week, Indian HRC export offers to Vietnam stood at USD 440- 442/MT CFR Vietnam for Nov-Dec deliveries.
Indian steel mills pushed their HRC export offers further as the domestic market regained some strength amid improved buying. In addition to this, Vietnamese are still preferring Indian HRC cargoes over China amid low priced imports.
Secondly, Chinese steel mills are focusing majorly on the domestic market amid recently announced production cuts and restricted supply. Also, the New Year holidays towards the year-end lead to advance bookings among traders in China.
Current HRC offers to Vietnam-
1. HRC (SAE 1006) 2mm, Japanese offers- Nippon steel offers stand at USD 450/MT CFR basis.
2. HRC (SAE 1006) 2mm, South Korean offers- Hyundai steel is offering at USD 450/MT CFR basis.
3. Vietnam domestic Formosa is offering HRC (skin pass, SAE 1006) at USD 470/MT CIF basis for Dec-Jan shipments.
4. HRC (SS 400) 2mm, Chinese offer- Chinese mills offering at USD 480/MT CFR basis, which was USD 460-465/MT CFR basis last week.
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