Indian Mills Raise HRC Export Offers to Vietnam for March Shipments

Indian steel manufacturers have raised HRC export offers by USD 10-15/MT for March shipments, SteelMint learned from market sources. Fresh offers are heard around USD 530-535/MT CFR Vietnam. However, no major deals have been concluded yet.

Prior to this, last week’s offers were hovering around USD 520/MT CFR Vietnam for Feb shipments.

According to trade sources, Indian mills have raised HRC export offers to Vietnam owing to limited allocations to overseas markets as they shifted their focus to domestic supplies. Also, bullish sentiments in the domestic market propelled Indian steel mills to raise domestic offers by INR 1,500-2,000/MT in Jan’20.

Thus with the resumption of restocking activities ahead of Tet holidays commencing from 25th Jan’20, and Formosa’s maintenance shutdown until 17th Jan can further push imported HRC offers to Vietnam higher from India.

Current imported HRC Offers to Vietnam- Week 2, 2020

1. HRC (SAE 1006) 2mm, China-Rizhao steel offer stood at USD 515/MT CFR. Last week’s offer was heard around INR 510/MT CFR basis.

2. HRC (SAE 1006) 2mm, China- Benxi is offering at USD 515-517/MT CFR basis for Mar shipments.

3. Trade deal heard of around 20,000 MT of HRC from Benxi steel at USD 518/MT CFR basis but couldn’t be confirmed while publishing this article.

4. HRC (SAE 1006) 2mm, China- Baosteel is offering at USD 520/MT CFR basis.

5.HRC (SAE 1006, pipe making) 2mm, China- Laiwu steel is offering at USD 510/MT CFR basis, consistent over the previous week offers.

6. HRC (SAE 1006) 2mm, China- Chung Hung steel is offering at USD 520/MT CFR basis.

7. HRC (SAE 1006) 2mm, South Korea- Hyundai Steel offers at USD 510/MT CFR basis, unchanged against the preceding week.

8. Last week confirmed trade deal heard of around 20,000 MT HRC booked by South Korea based major steel mill at USD 510-515/MT CFR Vietnam.

9. HRC (SAE 1006) 2mm, Japan- Nippon Steel offer stood at USD 510/MT CFR basis.

10.HRC (SAE 1006) 2mm, Taiwan- Shang Chen steel is offering at USD 515-520/MT CFR basis, stable against the previous week offers.