SS400 quality 4.75 mm HRC decreased to $567/ton in FOB shipments from North China's Tianjin port as of January 12, recording a weekly decrease of $8/ton. During the same period, the export price of Chinese origin SPCC quality 1.0 mm cold rolled coil decreased by $4/ton weekly to $658/ton on FOB Tianjin basis.
Last week, major Chinese steel producers, including state-owned mills, increased their export offer prices for SS400 HRC to $580-600/ton FOB. However, according to market sources, overseas buyers preferred lower priced Chinese HRC. For example, while Chinese steel producers offered SAE1006 HRC to Vietnam at $610/ton CFR, local buyers made some deals at $600/ton CFR and below.
Vietnamese buyers demanded lower priced Indian HRC last week, but no large tonnage deals were concluded, sources said. While Indian steel producers maintained their HRC export offers to Vietnam at $635/ton CFR Ho Chi Minh City last week, Vietnamese buyers preferred prices of $600/ton and below.
It was stated that Indian steel producers have largely restricted their HRC export offers to Vietnam since the summer months as they focus on the local steel market where margins are better.
In parallel, according to the latest price revision published on January 12, Vietnam's leading steel producer Formosa Ha Tinh Steel (FHS) increased its monthly hot rolled coil prices for domestic sales by $20/ton to CIF Ho Chi Minh City. increased to $645-$655 per ton for delivery. Sources believe that rising raw material prices, increased competition and Hoa Phat Steel's announcement of price increase are the factors behind FHS's price revision.
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