Asian hot-rolled coil prices were mostly unchanged July 9 after some deals concluded.
Platts assessed SS400 HRC of 3 mm thickness unchanged on the day at $505/mt FOB China. The same grade of coil was assessed stable on the session at $517/mt CFR Southeast Asia.
A Hebei-based mill was heard with export sales in the $504- $505/mt FOB Jingtang range to Vietnam and South Korea.
Meanwhile, some deals were heard at $517/mt CFR Vietnam. The deals in the $504-$505/mt FOB Jingtang range normalized to $516-$519/mt CFR Vietnam, considering current freight of $12-$14/mt from China to Vietnam.
The spread between FOB China and CFR Vietnam returned to a normal freight range, after low-priced offers disappeared following a tax investigation in China, market participants said.
Official offers from a mainstream mill still hovered at $525/mt FOB Bayuquan, with tradable levels lower at $515/mt that could not decline further due to support from the raw material price.
Mainstream mill SAE1006 was heard offered at $535/mt CFR Vietnam and IS2062 grade offered at $540/mt CFR Mumbai. In China, futures were steady on the day, while spot market rebounded as there was stocking at lower prices.
A Tangshan-based mill had sold about 30,000 mt domestically, which was mainly believed to be purchases to clear previous short positions, market sources said.
The most actively traded October contract on the Shanghai Futures Exchange closed at Yuan 3,711/mt on July 9, rising Yuan 5/ mt on the day, or 0.1%.
Platts assessed the spot price of Q235B 5.75 mm HRC up Yuan 20/mt on the day at Yuan 3,710/mt ($510/mt) ex-stock Shanghai on July 9, including value added tax.
In Vietnam, local producer Formosa Ha Tinh kept its monthly offers unchanged in dong, though the offers were lower by about $10/mt in dollars at $560-$572/mt CIF Vietnam, with larger quantities at the lower end of the price range.
Market participants said that the price was higher than local rerollers could afford, expecting further discounts.
Platts assessed SAE1006 HRC down $3/mt on the day at $524/mt FOB China and $524/mt CFR Southeast Asia.
