Posted on 21 Aug 2018
Turkish hot rolled coil is making its presence felt in Vietnam, Kallanish notes. Like other recent Turkish steel exports to East Asia, Turkish HRC offers are attracting attention because they are undercutting established sources.
SAE 1006 HRC from a Turkish mill is currently offered at $590/tonne cfr Ho Chih Minh City but bids are being received at $585/t cfr, says a Vietnamese. The offer is for a 40,000-tonne cargo.
A Chinese trader hears one vessel of at least 40,000-50,000t of SAE 1006 re-rolling grade from Turkey is currently offered at $583/t cfr Ho Chi Minh City but has no other details. He thinks it was peculiar since Turkey is on holiday this whole week. He adds that Turkish HRC was previously booked in Vietnam “…a long time ago.”
Traders started offering Turkish HRC last week and offers were still available on Monday, a buyer says. Several Turkish SAE 1006 HRC offers for 20,000-30,000t for end-November shipment are prevailing at $590-593/t cfr. A leading re-roller is currently checking the chemistry of the Turkish HRC offered to see if it is acceptable for re-rolling and has not placed any orders yet.
Chinese offers for SAE 1006 re-rolling HRC are prevailing at $595-600/t cfr depending on mill. Last week several deals for Chinese and Indian SAE 1008 re-rolling HRC took place at $592-593/t cfr Vietnam. Last Friday the Kallanish weekly assessment for SAE 1006 grade 2-2.7mm thick HRC imports into Vietnam was at $595-600/t cfr.
