ASIA HRC: Uncertainty over China export rebate dulls trading sentiment

Uncertainty over whether China will slash steel export rebate duties or remove them entirely resulted in limited spot trading in the Vietnamese hot-rolled coil import market last week, market sources said.

Many Chinese sellers abstained from giving firm offers for HRC exports to buyers, due to the unclear scenario on whether steel export rebates will be cancelled.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr Vietnam, which mainly looks at 2-3mm rerolling-grade SAE1006 HRC and equivalent products, was $700 per tonne on Friday February 19, up by $40-45 per tonne from $655-660 per tonne on February 11.
“There are very few offers in the spot market, especially because Chinese steel mills are still watching the situation and not entirely sure whether the export rebates will be cancelled,” a Vietnamese buyer source told Fastmarkets.

Industry sources and Vietnamese buyers estimated that they would have to pay at least...


Paul Lim

February 22, 2021

10:11 GMT