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Very good overview of the weekly steel market.
Updates during the day from our global editorial team.
Updates during the day from our global editorial team.
The Vietnamese hot rolled coil import market moved sideways last week, Kallanish notes. The market was mostly quiet except for re-rollers returning to restock Japanese HRC.
Traders report that Japanese 1006 2mm and up thickness SAE 1006 HRC for December shipment was ordered early last week at $587/tonne cfr Vietnam. A Vietnamese trader regards the booking price as low for material from a Tier 1 Japanese mill.
Certain offers for Chinese SAE 1006 HRC were already at this level before China closed for its holiday. Another says many re-rollers booked at this level but he is unsure of the tonnage concluded. Chinese 2mm and up thickness SAE 1006 HRC was also heard offered at $575/t cfr Vietnam just before last week’s holiday.
Indian HRC offers are currently unavailable. "Their [Indian mills’] local prices are increasing," the first trader reports. Kallanish assessed SAE grade 2-2.7mm thickness HRC at $575-585/t cfr Vietnam, unchanged on-week. Chinese SS400 3-12mm thickness HRC was booked at $565-570/t cfr during the week ending 30 September, before the Chinese holiday.
ASEAN HRC mills continue to seek better-paying export markets outside of Asia. PT Krakatau Posco (KP) is offering hot rolled SPHC/SAE1006 base grade coil at $570/t fob and hot rolled SS400/ASTM A36 base plate at $720/t fob, say Jakarta-based market sources.
Posco Indonesia, which overseas Posco interests in Indonesia, including Krakatau Posco, is targeting to export S275 base HRC at $660/t cfr Europe, European traders say. Material from state-owned PT Krakatau Steel (PTKS) is offered at similar prices.
KP is offering HRC ahead of its gaining control of PTKS's 1.5 million tonnes/year No. 2 hot strip mill. “KP or Posco will be in charge for the HRC export market and PTKS will handle the domestic market,” a Jakarta-based trader says.
An agreement was announced in February whereby PTKS will increase its non-controlling share in the joint-venture with Posco from 30% to 50% through an injection of land and equipment (Kallanish passim) . “The agreement is pending and likely to be settled this month,” says a PTKS source on the proposed handover.
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© Kallanish 2022. All rights reserved.