Imported HRC Offers To Vietnam Increase Post Tet Holidays
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Imported HRC offers to Vietnam have moved up by USD 10/MT after Tet holidays in Vietnam which was scheduled from 16th Feb to 21st Feb.Post festive holidays, Vietnamese buyers have returned and started receiving fresh offers amid bullish market sentiments experienced in global market.
HRC Export Offers from China rose by USD 10-15/MT-Chinese mills have raised HRC export offers for Vietnam by USD 10-15/MT amid strong futures post Lunar New Year Holidays. Previously Chinese HRC export offers which were hovering in the range of USD 595-600/MT, FoB last week which have now gone up by USD 10/MT.
As per market participants Benxi Iron and Steel is still offering HRC (SAE1006) at USD 640/MT CFR Vietnam.However no major deals have been concluded yet.Also few mills have also quoted around USD 620-630/MT CFR Vietnam.
Trading activity remained thin as market watchers have adopted wait and watch mode since prices are expected to go up amid strong demand in construction sector from both the countries.
Japan's Nippon Steel offers HRC to Vietnam-Japan based Nippon & Sumitomo Metal Corp steel have started offering HRC to Vietnam. Current offers are assessed at USD 675/MT CFR Vietnam .This will be equivalent to USD 660/MT FoB Japan.
HRC export offers from South Korean mills - SteelMint learnt from market sources that major South Korean mill, Hyundai Steel have started quoting fresh offers of HRC for Vietnamese buyers.
Currently Korean mills are offering ( HRC SAE 1006 ) export offers at USD 665-670/MT CFR Vietnam for April shipments.This will be equivalent to USD 645 - 650/MT FoB basis.
As per reports,POSCO has raised the domestic HRC prices by about Korean Won 30,000/MT (USD 28/MT) in the month of February amid higher raw material cost.And again South Korean mills are planning for another hike in steel prices in the month of March to pass on the increased cost of production .However rise in prices may lead to decline in sales volumes and can hamper new contacts with importing nations.
