In the Vietnamese flat steel market this week, some traders have softened their prices in order to attract orders, while the recent increase of two percent in iron ore prices has raised expectations for a price increase of about $10-20/mt for flat steel imports.
In the Vietnamese domestic market, hot rolled coil (HRC) prices have decreased by $30-35/mt since mid-August to $580-590/mt ex-works, while cold rolled coil prices have dropped by $20/mt over the past month to $720-725/mt ex-works, both exclusive of VAT. In the meantime, rerolling quality HRC is priced at similar levels to other domestic HRC prices.
As for flat steel import offers to Vietnam, Chinese 3-12 mm HRC offers to Vietnam have since mid-August declined by about $80-85/mt to $480-485/mt CFR, while Chinese offers for 2 mm rerolling quality HRC from China are at $500/mt CFR no transaction has been reported at this price level so far.