Prices have rebounded in the past week in the key regional market China of while the monsoon season in India is approaching its end.
“It is possible that the price drops have stopped and the bottom has been reached,” a buyer source in Vietnam told Fastmarkets on Friday September 13.
Supply of Indian HRC has fallen in Asian markets because Indian steel mills had sold out their material or were reducing operating rates, a HRC trader in Singapore said.
“The monsoon season is also expected to [ease] soon,” the trader in Singapore said.
End users in the key import market of Vietnam, who are now seeking November-shipment material, kept their bids stable in the past week instead of dropping them.
“Buyers have maintained their bids or increased them slightly to $455-460 per tonne cfr Vietnam, instead of giving low numbers like $440 per tonne...