Prices for imported hot-rolled coil in the key Vietnamese market have risen despite thin demand from end users and low domestic offers from Hoa Phat Steel, market sources told Fastmarkets.
The unclear situation over whether China will cut steel export rebates has also added further uncertainty to market sentiment.
Fastmarkets'
weekly price assessment for steel HRC, import, cfr Vietnam, which mainly looks at 2-3mm rerolling-grade SAE1006 HRC and equivalent products, was $715-720 per tonne on Friday February 26,
up by $15-20 per tonne from $700 per tonne on February 11.
Many Chinese steel mills have abstained from giving firm offers because it is not clear whether China will really implement steel export rebate cuts or remove them altogether. A limited number of steel mills offering cargoes have contractual clauses that offer flexibility in sales agreements with buyers.
A major Chinese steel mill sold a 10,000-tonne April-shipment cargo at $700 per tonne fob, or $720 per...