In the Vietnamese domestic market flat steel demand has continued to be weak. Importers are worried about the government's new loan currency policy because from May 2, the central bank will restrict lending in foreign currencies and so importers will have to obtain loans in Vietnamese currency at high interest to buy US dollars for letter of credit payments.
In the Vietnamese domestic market, on the other hand, cold rolled coil (
CRC) quotations have remained unchanged as compared to the latest announced levels and are still at VND 19-19.1 million/mt ($910-915/mt) delivered to customer. In the meantime, last week hot rolled coil (
HRC) prices in
Vietnam were at VND 15.5-15.6 million/mt ($742-747/mt) delivered to customer, and after a slight softening the prices are now at the level of VND 15.2-15.4 million/mt ($728-738/mt) delivered to customer.
Meanwhile Chinese offers to the Vietnamese domestic market are standing at $640-645/mt CFR, indicating no change as compared to last week.
$1 = VND 20.880