Asian HRC remains steady amid slow trading activity

09 September 2021
Asian HRC remains steady amid slow trading activity

          Asian hot rolled coil prices remained steady Sept. 8 amid slow trading activity and continuous volatility seen in Chinese domestic market, while buyers in Vietnam remained on the sidelines amid COVID-19 restrictions.

          S&P Global Platts assessed SS400 HRC 3 mm thick at $924/mt FOB China, stable on the day. On a CFR Southeast Asia basis, the same grade of coil was assessed at $870/mt, flat on the day.

         "Russian HRC are very competitive, although shipment is further. May be it's hard for China to export in the near term," said a Chinese mill source.

          The offer-bid spread in Vietnam were more than $30/mt, said a Vietnamese trader. Thus, China is away from the Vietnamese market now, he said.

          Platts assessed SAE1006 HRC at $960/mt FOB China, unchanged on the day. On a CFR Southeast Asia basis, the same grade of coil was assessed at $878/mt, also unchanged over the same period.

          In Vietnam, some buying indications were heard at $880-$885/mt CFR for Indian SAE HRC, while no firm offers or bids were heard on the day. Meanwhile, local market participants were awaiting new offers from local producers Formosa Ha Tinh Steel and Hoa Phat. "I expect some modest declines for Formosa and may be Hoa Phat's prices would stay above $900/mt," said a Vietnamese trader.

          In Shanghai, the spot price of Q235 5.5 mm HRC was assessed at Yuan 5,800/mt ($898/mt) ex-stock, including value added tax, down Yuan 30/mt on the day. On the Shanghai Futures Exchange, the most actively traded January 2022 contract closed at Yuan 5,776 /mt, down Yuan 45/mt, or 0.8%, over the same period.

 

---Steel Business Briefing


Source : Steel Business Briefing

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