Fastmarkets MB’s weekly import price assessment for HRC in Southeast Asia - which mainly looks at Chinese 2-3mm SAE1006 HRC and equivalent grades sold into Vietnam - was $480-490 per tonne cfr for the week ended Monday January 21, up $2-10 per tonne from $478-480 per tonne cfr from the preceding week.
While the supply of materials from India fell, Indian mills raised their offers to $480-490 per tonne cfr Vietnam, from $480 per tonne cfr in the previous week.
Transactions involving Indian and Chinese HRC were heard to have been concluded at $480-490 per tonne cfr Vietnam. These involved at least one major Chinese mill and one major Indian steelmaker.
There was also market chatter suggesting Chinese HRC had been sold into Vietnam at $490-495 per tonne cfr but this could not be confirmed.
Bids were made at $475-480 per tonne cfr, widening upward slightly from $475-478 per tonne cfr in the previous week.
The higher prices came amid initial offers of $495 per tonne cfr issued by domestic producer Formosa Ha Tinh Steel Corp for SAE1006 HRC to be shipped and delivered in March.
The mill is also offering its hot-rolled band at $490 per tonne cfr and higher-grade SPHT3, S235JR, SG255 and SS490 HRC at $515 per tonne cfr.
It is asking for $490 per tonne cfr for its base-grade SS400 and pipe-making HRC.
Formosa Ha Tinh sells about 250,000-300,000 tonnes of HRC each month mostly to domestic customers, while exporting some quantities to overseas buyers.
Fastmarkets’ MB fob China HRC Index was little changed last week, hovering around $480 per tonne from Monday to Friday.