Asian hot-rolled coil prices were unchanged Sept. 4 amid limited trading activity during Vietnam’s holiday and weak buying interest in the seaborne market.

          The Chinese futures and domestic markets rose from Aug. 31 after China released policies to cut down payments for homebuyers.

          The most actively traded January contract on the Shanghai Futures Exchange closed at Yuan 3,917/mt Sept. 4, up Yuan 37/mt, or 1.0%, from Aug. 31.

          Platts assessed the spot price of Q235 5.5 mm HRC in Shanghai at Yuan 3,940/mt ($542/mt) ex-stock Shanghai Sept. 4, including value added tax, up Yuan 40/mt from Aug. 31.

          In the Chinese export market, deals were hard to conclude as buying indications from seaborne buyers remained low and demand was weak, according to a China-based trader.

          Platts assessed SS400 HRC of 3 mm thickness unchanged on the day at $541/mt FOB China Sept. 4. The same grade of coil was assessed unchanged over the same period at $540/mt on CFR Southeast Asia basis.

          The base price offers from a Chinese state-owned mill and a private mill were both heard $5/mt higher week on week at $580/mt and $565/mt FOB levels, respectively. However, buying indications were heard at much lower levels, forming a wide buy sell gap.

          “There’s no clear market direction now, prices are supported by policies that surface from time to time, but real demand is weak, and buyers are cautious about making big quantity purchases,” the same China-based trader added.

          The Vietnam market was quiet with participants away on holidays over Sept. 1-4. Platts assessed SAE1006 HRC unchanged day on day at $561/mt FOB China Sept. 4. The same grade of coil was also assessed unchanged over the same period at $569/mt on CFR Southeast Asia basis.