ASIA HRC: Thin spot liquidity keeps import prices stable

Spot prices for imported hot-rolled coil in Vietnam were stable this week amid limited spot price negotiations for Indian HRC.

There was persistent market chatter that Russian steelmaker Magnitogorsk Iron & Steel Works (MMK) had sold another cargo of January-shipment SAE1006 HRC to Vietnam at $850 per tonne cfr Vietnam this week, after selling two or three vessels-worth of the material last week.
“Demand in MMK's traditional markets must be very [poor] for it to keep sending cargoes to Vietnam,” a trader source in Vietnam told Fastmarkets on Friday October 1.
There was also market chatter that a major Indian steel mill had sold cargoes at $870-880 per tonne cfr Vietnam this week, although a seller source close to the steel mill involved denied this.

“Buying interest from Vietnam...

Published

Paul Lim

October 01, 2021

10:07 GMT

Singapore