Flat steel demand in the Vietnamese market is still weak and the market activity is low. Small but frequent declines in Chinese flat steel import offers have caused buyers to become cautious and postpone their import purchases. In the meantime, trader sources state that overall steel product inventories at Vietnamese ports have reached about 100,000 mt.
Hot rolled coil (HRC) prices in the Vietnamese domestic market have declined $10/mt in the past two weeks to $565-570/mt ex-warehouse, while cold rolled coil (CRC) prices have also dropped by $10/mt, decreasing to $700-705/mt ex-works. Meanwhile, rerolling quality HRC of 2 mm thickness is being sold in the domestic market at $570-580/mt ex-warehouse, after a price drop of $15/mt in the past two weeks.
On the import side, Chinese HRC offers to Vietnam have decreased by $15/mt to $540/mt CFR and some bookings have been reported, though volumes are small. In the meantime, Chinese offers for rerolling quality HRC of 2 mm thickness are at $560-565/mt CFR.
