With the celebration of the Lunar New Year in China, Chinese manufacturers and suppliers tended to withdraw from the market and began to take precautions for the holiday. However, it is stated that some low-priced offers are also in circulation. For example, the offer for 10,000 tonnes of 2mm thick Chinese SAE 1006 HRC for March/April shipment is at $585-590/t cfr Vietnam. These offers were hovering around $605/t cfr throughout last week up to January 26.
SAE quality 2-2.7 mm thick HRC prices were valued at $585/ton cfr Vietnam, down $10 week on week.
On Friday, 3-12 mm thick Q235 HRC offers from China fell by $15/ton week on week to $557-558/ton cfr. “China futures prices are falling sharply,” said a Ho Chi Minh City trader, adding that he heard a trader in South Vietnam had made a deal at $554-555/t cfr on Friday afternoon. However, he said this agreement only covers a quantity of 2,000-3,000 tonnes.
On the other hand, no significant activity was observed in Hoa Phat's last monthly domestic hot rolled coil sales announced on February 1. The company's SAE1006 or SS400 quality HRC prices, planned for delivery in April and May, have been determined as approximately $610/ton cfr South Vietnam equivalent, excluding VAT. Company sources state that they expect customer feedback next week.
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