ASIA HRC: Distressed cargoes putting pressure on prices

The emergence of distressed cargoes of hot-rolled coil en route to Vietnam or sitting at key ports in the country have resulted in prices for the flat steel product to continue to fall in the past week.

Fastmarkets' weekly assessment for steel HRC import, cfr Vietnam assessment - which mainly looks at Chinese 2-3mm re-rolling-grade SAE1006 HRC and equivalent products sold into Vietnam - was $460-465 per tonne cfr for the week ending Monday September 2, down $10 per tonne from $470-475 per tonne a week earlier.
Transactions were being negotiated around $460-465 per tonne cfr Vietnam over the week, with end users bidding at $455-460 per tonne cfr while offers - for both position cargoes and those shipped directly from mills - were at $465-475 per tonne cfr.

Offers were said to...

Published

Paul Lim

September 02, 2019

11:25 GMT

Singapore