Imported offers of HRC to Vietnam witnessed upward momentum owing to rise in Chinese domestic steel prices amid recent production cuts of Tangshan region from 1st Sep’18. Tangshan which is a part of Hebei province has set a target to cut 12 MnT of crude steel capacity this year amid country’s annual capacity cut target of 30 MnT in 2018. Today domestic HRC prices in China increased by USD 11-16/MT against last week’s close.
Currently imported offers of HRC ( SAE 1006) from China to Vietnam moved up by USD 10-15/MT and is heard around USD 605-615/MT CFR basis. Last week Chinese mills were offering imported HRC in the range of USD 595-600/MT CFR basis.
A trader based in Vietnam mentioned that,”End users in Vietnam are actively purchasing material from domestic producer – Formosa as its prices are comparatively lower than imported prices.”.
Formosa lowered HRC offers by USD 8/MT – Last week domestic producer Formosa Ha Tinh Corporation announced prices for September shipments.The company is offering HRC (skin pass SAE 1006) at USD 602/MT CIF Ho Chi Minh City for September shipments which is lower by USD 8/MT against USD 610/MT CFR basis offered in previous month.
Current HRC trade offers to Vietnam – Week 34, 2018
1.HRC (SAE 1006) 2-3mm / Chinese offer – Benxi Iron & Steel mill at USD 615/MT,CFR Vietnam.Last week the offers stood at USD 600/MT CFR basis.
2.HRC (SAE 1006) 2-3mm / Chinese offer – Rizhao Steel at USD 610/MT CFR Vietnam.Last week the offers stood at USD 600/MT CFR basis.
3.HRC (SAE 1006) 2-3mm / Chinese offer -Magang Steel at USD 605/MT CFR Vietnam.Last week the offers was at USD 595/MT CFR.
4.HRC (SAE 1006) 2-3mm / Chinese offer – Wuhan Iron and Steel Ltd at USD 615/MT CFR Vietnam.
5.HRC (SAE 1006) 2-3mm / Korean offer – Hyundai Steel Offer at USD 630/MT CFR basis.
6.HRC (SAE 1006) 2-3mm / Russian offer – MMK Steel Offer at USD 585/MT CFR basis.
7.Currently no active offers from Japanese and Indian mills.
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