Asian hot-rolled coil sentiment remained mixed with FOB and CFR prices moving in opposite directions as Chinese domestic fundamentals rebounded after a slow start earlier in the day, while Vietnamese buyers remained on sidelines.

          Platts assessed SS400 HRC of 3 mm thickness down $11/mt from the previous session at $559/mt basis FOB China May 17. The same grade of coil was also assessed up $5/mt on the day at $550/mt on a CFR Southeast Asia.

          The most actively traded October contract on the Shanghai  Futures Exchange closed at Yuan 3,775/mt May 17, up Yuan 67/mt from the previous session. Earlier in the day, offers from Chinese mills for SS400 grade were heard at $550/mt FOB levels. However, the offers were  heard increasing by about $5/mt later in the day, as the cargo offered by a north China mill was heard sold out as the market rebounded.

          Traders have been purchasing the mill’s cargo on an ex-works basis and selling on an FOB basis, sources said.

          Platts assessed the spot price of Q235 5.5 mm HRC in Shanghai at Yuan 3,930/mt ($564.33/mt) ex-stocks Shanghai May  17, including value added tax, up Yuan 40/mt from the previous session.

          Meanwhile in the Vietnamese market, local producer Formosa  Ha Tinh Steel was heard to have reduced offers by 3%-3.5% on the month to $620-$623/Kg CIF levels for SS400/SAE1006 grades

          for the June-July shipment.

          According to sources, the FHS offer was higher than market expectations. Offers from Chinese mills were heard at $555/mt CFR levels for Vietnam earlier in the day and were then heard at $550/mt  CFR levels later. On FOB basis, an offer was heard at $585/mt levels, while a bid was heard at $570/mt levels. However, no deals were heard concluded during market hours.

          Platts assessed SAE1006 HRC flat on the day at $575/mt FOB China May 17. The same grade of coil was also assessed down $6/mt on the day at $574/mt basis CFR Southeast Asia basis.

          Platts assessed SS400, 12-20 mm thick plate at $620/mt FOB China, down $5/mt on the week. The same-grade 12-25 mm thick material was assessed at $620/mt CFR South Korea, down $15/mt over the same period.

          The Chinese domestic price of Q235-grade material was assessed at Yuan 4,100/mt ex-stock Shanghai, including value added tax, unchanged on the week.

--- S&P Global Commodity Insights.