ASIA HRC: Uncertain price trend looms because of mixed signals

The price trend for hot-rolled coil in Asia remains uncertain for many market participants given price rebounds in China but continued bearish sentiment in the key import market of Vietnam.

Fastmarkets' 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 $457-465 per tonne cfr for the week ending Monday September 9, widening downwards by $3 per tonne from a week earlier.
End-users were bidding at $455-460 per tonne cfr Vietnam. There was talk that a major re-roller had bought a 10,000-tonne India-origin cargo at $457-458 per tonne cfr Vietnam. The counterparties did not confirm the transaction, however.

The lowest offers were again for Indian HRC at $465 per tonne cfr Vietnam. Chinese HRC was offered at $465-470 per tonne cfr...


Paul Lim

September 09, 2019

12:36 GMT