OREANDA-NEWS. Spot prices of internationally-traded hot rolled coil in Asia eased May 30, though several Chinese mills were said to have withdrawn offers when they recognized that domestic prices had stayed firm while overseas bids remained sparse.

S&P Global Platts assessed SS400 HRC 3.0mm thick at $342-348/metric ton May 30, with a midpoint of $345/mt that was down $1/mt from May 27.

The same day in the Shanghai dealers market, Platts assessed Q235 5.5mm HRC at Yuan 2,580-2,600/mt ($392- 395/mt), level with May 27.

Deals at $350/mt CFR Vietnam were heard for SS400 HRC May 30, traders and mills in China and Vietnam said, though most Chinese mills’ offers were much higher.

A northeastern China-based mill was said to be offering at $360/mt FOB, but traders said this was too high to attract many buyers.

A Shanghai-based trader said most Chinese mills kept SS400 HRC offers to around $355/mt FOB, but another based in the city maintained that Chinese mills’ offers prevailed at around $350/mt FOB.

Many Chinese steelmakers would only quote for serious bids and declined making blanket offers as before, a third trader in Shanghai said.

Bids from overseas were also rare as most buyers were still waiting on the sidelines hoping prices will dip further, he added.

Eastern China’s Shagang suspended offers for HRC May 30 and said it would only recommence quoting in June when market trends become clearer.

Some Chinese mills may conduct equipment maintenance given the further price decline, as many had delayed regular maintenance scheduled for H1 in the wake of the strong price rebound earlier this year, a Shagang source added.

SS400 HRC was trading as low as $345-350/mt CFR Vietnam last week, equivalent to $338-343/mt FOB China, a trader in northern China and a Vietnam-based trader told Platts.

However, several others in Shanghai deemed the price too low, and suggested $345/mt CFR Vietnam was only available from traders hoarding coils since earlier this year.