Spot prices of regionally traded hot rolled coil in Asia rose Friday as deal prices increased on rising Chinese domestic prices and offers, market participants in the region said.
S&P Global Platts assessed SS400 HRC 3 mm thick at $582-$584/mt FOB China, with the midpoint at $583/mt, up $6 on the day. On a CFR Southeast Asia basis, the same grade of coil was assessed at $594-$596/mt, with a midpoint of $595/mt, $6 higher than Thursday.
Platts assessed Q235 5.5 mm HRC at Yuan 4,130-4,150/mt ($658-$661/mt) ex-stock including 17% value-added tax, implying a midpoint of Yuan 4,140/mt, up Yuan 20 on the day. On the Shanghai Futures Exchange, the most-active May HRC contract closed at Yuan 4,033/mt on Friday, up Yuan 61 on the day.
A major steel mill in northeastern China stopped quoting for exports Friday. "We've sold out our HRC already," he said. Two deals for the northeastern China mill were heard done the previous week at $580/mt FOB China and $590/mt CFR Vietnam with 20,000 mt and 10,000 mt respectively for April shipment, the mill source said.
Some Chinese mills also increased their offers for commercial grade coil, mill sources said. Two northern China mill increased their offers for HRC SS400 by $10 to $595/mt and $610/mt FOB China respectively for March shipment. "I didn't receive bids today, but some buyers started to make enquiries," a northern China mill source said.
For SAE coil, two deals for around 10,000-15,000 mt in total from an eastern Chinese mill were heard done at $585/mt and $588/mt CFR Vietnam Monday and Wednesday for March shipment, traders and stockist in the region said. But on Friday, a Vietnamese trader said the bids for re-rolling grade coils reached at $595/mt CFR Vietnam.
Indian and Russian offers for SAE1006 coil were still high at $600-620/mt FOB Russian Far East, and $635/mt CFR Vietnam for Indian materials for March shipment, sources in Vietnam said.
