Tuesday, 02 August,
Hot rolled coil offers into Vietnam from main supplier China have firmed up this week due to stronger demand in China itself as well as from South Korea.
“Chinese mills and traders are offering commercial grade hot rolled coil at $720-730/MT CFR, up from $715-730 CFR last week, Sooner or later, people need to buy. But they are also not prepared to pay the current prices, which they think are very high.” trader said.
“The domestic market in China has slowly improved. Everybody also says that the Chinese mills have been selling a lot to the Korean market. There is no pressure on the mills to specially cut their offers for Vietnam,” a trader said.
There are no takers for the higher offers this week, same as for last week. Bookings were last recorded three weeks ago at $680-690/MT CFR.
“Some are trying to bid at $700/MT CFR, but it seems that the Chinese mills will not accept this price,” he said.
Hot rolled coil prices in the domestic market have improved slightly to $690-695 per tonne CFR from $685-690 CFR last week.
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