Asian hot-rolled coil prices edged up Sept. 7 amid some stability in Chinese domestic prices, improved buying indications and supply concerns from South Korean and EU producers.

          Platts assessed the SS400 HRC 3 mm thick at $577/mt FOB China, up $1/mt from Sept. 6. On a CFR Southeast Asia basis, the same grade of coil was assessed at $570/mt, up $3/mt over the same period.

          The recent stability in domestic China prices saw Chinese mill offers remain relatively unchanged, with mills also hesitant to lower export offers as prices approached the cost line.

          In Vietnam, buying indications saw limited improvement and were heard around $570-$575/mt CFR. Sources attributed the increase to the dong weakening against the dollar as overall demand remained subdued.

          The adverse dollar-dong exchange rate made importing difficult, according to a Vietnam-based trader. The State Bank of Vietnam set the daily reference exchange rate for the dollar at Dong 23,261/$1 on Sept. 7, up Dong 16 from the previous day, local reports said.

          “Buyers in Vietnam now are mainly stockists and local traders, this is now really a trade market more than a manufacturing one,” said a Vietnam-based trader. “This time, buyers are honestly not confident to give price level expectations because the situation is very volatile on the negative side.”

          In Shanghai, the spot price of Q235 5.5 mm HRC was assessed at Yuan 3,900/mt ($563.91/mt) ex-stock, including value added tax, unchanged from Sept. 6. On the Shanghai Futures Exchange, the most actively traded January 2023 contract closed Yuan 3,761/mt, down Yuan 8/mt, or 0.2%, over the same period.