Commercial quality hot rolled coil offer prices from China increased in parallel with the recovery on the Shanghai Futures Exchange. However, buyers still anticipate lower prices, particularly aiming for prices below $530/tonne CFR for Q235B hot rolled coil.
The market remains subdued, with buyers hesitant to accept price hikes. Some traders suggest that customers need more time to accept the price increases. Nevertheless, it is believed that previously excessively low prices have now risen to acceptable levels.
Despite Formosa Ha Tinh Steel lowering its domestic hot rolled coil prices, it is perceived that prices still exceed buyers' expectations. Consequently, buyers in the market are not yet willing to make large purchases.
The uncertainties in Vietnam's hot rolled coil import market and the cautious approach of buyers are expected to determine the market's direction in the coming weeks. Buyers remain vigilant in their anticipation for price stability and further decreases.
SAE quality hot rolled coil with a thickness of 2-2.7 mm was evaluated at $565/tonne CFR Vietnam, reflecting a weekly decrease of $2.5.
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