Asian hot-rolled coil prices rose in the week to Jan. 9, supported by improved macroeconomic sentiment and the removal of nonvalue added tax cargoes amid tighter export measures.
Platts assessed SS400 HRC of 3 mm thickness at $460/mt FOB China on Jan. 9, up $1/mt week over week. The same gradewas assessed at $481/mt CFR Southeast Asia, up $3/mt over the same period.
Export offers rose $5/mt week over week to upward of $470/ mt FOB China, with tradable levels reported at $460/mt FOB for both private and mainstream mills.
Regional participants said Chinese mills were holding firm on offers, particularly after China’s central bank signalled continued monetary easing for 2026.
A mainstream mill initially raised its tradable levels by $10/ mt but later corrected them to $460/mt FOB Bayuquan after receiving very few inquiries, as buyers resisted increases amid weak fundamentals, a mill source said.
An Eastern China-based trader said that the sharp rise in offers had pushed buyers further to the sidelines, compounded by cautious sentiment surrounding the new export licensing regulations.
Buying activity is also expected to remain selective ahead of the Lunar New Year holidays, the trader added.
The most actively traded May HRC contract on the Shanghai Futures Exchange closed at Yuan 3,317/mt on Jan. 8, down Yuan 15/mt, or 0.5% day over day.
Platts assessed the spot price of Q235B 5.75 mm HRC at Yuan 3,290/mt ($471/mt) ex-stock Shanghai on Jan. 9, including valuea dded tax, up Yuan 20/mt week over week.
In Southeast Asia, offers for Chinese wider-width Q235-grade HRC were reported at $485- $495/mt CFR Vietnam, but there was barely any interest in Chinese coils due to the antidumping risk and uncompetitive prices.
Indian SS400 and SAE1006 coils were offered at $485-495/mt CFR Vietnam, up $7/mt week over week, with the increase largely attributed to the imposition of a three-year staggered safeguard duty on imports of non-alloy and alloy steel flat by the Indian government end of December.
Deals were heard concluded at $480-$483/mt CFR Vietnam during the week. A Vietnam-based trader said South Korean offers were heard hovering around $495/mt CFR Vietnam, while no Japanese offers were reported.
A Japan-based trader said a major Japanese mill had suspended offers to Vietnam amid strong competition from other origins and higher margins in alternative export markets.
“To sell to Vietnam, they would have to undercut domestic prices, but those levels are simply too low,” the trader said.
Platts assessed SAE1006 HRC at $470/mt FOB China on Jan. 9, unchanged week over week. The same grade of coil rose $3/mt over the same period at $481/mt CFR Southeast Asia.
