Imported HRC offers for Vietnam hit over 2 years high
Nov 25, 2020 11:00
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Vietnam's imported HRC market has witnessed a steep price rally this week. Imported HRC offers for Vietnam have hit nearly two years high, as per data maintained with SteelMint. Current offers for rerolling grade (SAE 1006) from China are hovering at $590-600/t CFR. Similar levels were last recorded in Sep’18.
Factors driving the imported HRC offers to Vietnam–
1. Futures rose sharply last week –Robust gains in China’s futures resulted in higher domestic prices and export offers. SHFE HRC Jan'21 futures contract closed at RMB 4,084 as on 20 Nov'20 which was around RMB 3,970 as on 13th Nov'20. However, today