The Asian hot-rolled market saw mixed trend on Dec. 16, as the Chinese offers and domestic market remained firm amid stronger futures prices, while trading activity in Vietnam stalled during buyers' negotiations with local producer Formosa Ha Tinh Steel.

          S&P Global Platts assessed SS400 HRC 3 mm thick at $638/mt FOB China on Dec. 16, up $2/mt on the day. On a CFR Southeast Asia basis, the same grade of coil was assessed at $638/mt, up $3/mt over the same period.

          One eastern China mill raised offer by $10/mt to $650/mt FOB on the day to chase higher domestic market prices and rising buying indications. Although the fluctuations seen in Chinese domestic market put some buyers on hold, buyers in some regions such as South America kept chasing up, market sources said.

          Platts assessed SAE1006 HRC at $660/mt FOB China, unchanged day on day. On a CFR Southeast Asia basis, the same grade of coil was assessed at $662/mt, down $2/mt over the same period.

          In Vietnam, buyers have turned to local producer FHS, as its new offers are competitive compared with Chinese materials. FHS' offers were reported by local sources ranging at $652-$665/mt. Thus local buyers' buying indications for imported cargoes weakened, as they were reluctant to pay higher than FHS' prices.

          In Shanghai, the spot price of Q235 5.5 mm HRC was assessed at Yuan 4,510/mt ($691/mt) ex-stock, including value-added tax, up Yuan 10/mt day on day.

          On the Shanghai Futures Exchange, the most active May contract closed at Yuan 4,418/mt, up Yuan 44/mt or 1% over the same period, and hit a new high since the HRC futures were launched in March 2014.

          Separately, Platts assessed Q235/SS400 grade, 12-25 mm thick plate at $605/mt CFR East Asia, up $35/mt on the week. The assessment was normalized to Dangjin port in South Korea under Platts standard specifications.

          Chinese mills were offering at $610-$620/mt FOB for March shipment, with new deal concluded at $615/mt FOB level. South Korean domestic market prices rose to $620-$630/mt, in line with higher offers from domestic mills.

          In the Shanghai domestic market, the same grade traded at Yuan 4,350/mt ex-stock, including value-added tax, up Yuan 230/mt on the week, local traders said.

-- Analyst Yuelin Dai, Ashima Tyagi