Vietnam’s imported HRC market remained active with recent deals being concluded. A private based steel manufacturer was heard to have booked 60,000 MT of HRC last week with China and Vietnam at around USD 390-393/MT CFR basis for June deliveries, shared by reliable market sources. Indian mills had slightly raised offers towards the end of last week to USD 410-415/MT, CFR Vietnam levels, but seems limited buying interest pushed down offers.
— Before this, towards the middle of the previous week China had booked 20,000 MT HRC (1.8mm, SS400) from South Korea at USD 395-400/MT CFR basis. Prior to this, almost a week back, South Korea steelmaker booked 1,00,000 MT of HRC and an Indian steel mill booked 40,000 MT HRC to China
–Chinese domestic prices continued to remain under pressure over cheaper prices from India and South Korea. Currently, domestic HRC prices are assessed at RMB 3,300-3,310/MT (Eastern China).
—Formosa deferred its price announcement for May-June delivery in the purview of disruptions caused by the lockdown on containment of COVID-19 pandemic in the country.
— Few market sources shared that the company is negotiating separately with customers and offering HRC (skin pass) at USD 420/MT CIF basis, and HRC (non-skin pass) at USD 415/MT CIF basis.
— HRC (SAE 1006, 2mm), China- Benxi Steel’s offer at USD 410/MT CFR basis.
— HRC (SAE 1006, 2mm), China- Chunghung Steel is offering at USD 405/MT CFR basis.
— HRC (SAE 1006, 2mm), South Korea- Hyundai Steel’s offer continues to hover at USD 415/MT CFR basis.
— HRC (SAE 1006, 2mm), Japan- Nippon Steel offers stood unchanged at USD 415/MT CFR basis.
— HRC (SAE 1006, 2mm), Russia- MMK is offered at USD 390/MT CFR basis.
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