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Asian HRC markets are showing mixed conditions in early October, with mills in India and Southeast Asia maintaining firm offers while buying interest remains cautious. Chinese prices are broadly stable amid weak demand, while Indonesian prices have eased slightly.
In China, HRC export offers are currently heard at around USD 500 per ton FOB, broadly unchanged from the USD 495-505 per ton range reported previously. Demand remains weak, and buying sentiment remains cautious. Market direction is expected to become clearer after the week-long National Day holiday as mills and traders return to the market.
Indian HRC export offers are currently heard at around USD 580-590 per ton FOB for Europe, compared with USD 570-590 per ton previously. Strong domestic demand and firm domestic prices are encouraging major mills to focus on the local market, limiting their interest in overseas sales.
In Vietnam, HRC prices have continued to move higher, with Hoa Phat increasing its November delivery prices by USD 10 per ton from the previous month to around USD 555 per ton CFR Vietnam, excluding VAT. Import prices have also moved higher, with Indonesian and Indian HRC quoted at around USD 540-550 per ton CFR Vietnam, up by USD 10-20 per ton over the past month.
In Indonesia, HRC prices are currently heard at around USD 520-525 per ton FOB, compared with USD 525-530 per ton previously, due to slow demand