ASIA HRC: East Asian suppliers eye higher prices after premium over China, India cargoes shrinks

East Asian hot-rolled coil producers are eyeing higher prices in the coming weeks after the premium for Japan, South Korea and Taiwan-origin cargoes over China and India-origin material disappeared over the past week, sources told Fastmarkets.

East Asian HRC producers concluded their most recent transactions at $580-590 per tonne cfr Vietnam during the past week before prices surged on limited supply in the region.
The tightness in supply was due to major domestic supplier Formosa Ha Tinh Steel cutting supply volumes due to weather-related logistics difficulties, as well as regional steel mills withholding cargoes due to expectations of increasing prices.

Another domestic producer Hoa Phat Group has booked more than 180,000 tonnes of January-delivery material, but will only be able to supply around 90,000 tonnes, sources said....

Published

Paul Lim

November 23, 2020

10:55 GMT

Singapore