SteelOrbis has been informed that hot rolled coil (HRC) prices in the Vietnamese domestic market have moved downwards for the third consecutive month. According to market sources, with Chinese HRC offers declining further Vietnamese buyers has been feeling of panic, while buyers are purchasing only in order to meet their immediate needs, resulting in slack demand.
Accordingly, HRC prices in the Vietnamese domestic market have decreased by VND 1,300/kg ($42/mt) over the past month to VND 8,000-8,100/kg ($256-259/mt) ex-warehouse, while prices of rerolling quality HRC of 2 mm thickness have decreased by VND 1,400/kg ($45/mt) to VND 8,100-8,200/kg ($259-262/mt) ex-warehouse, with all prices for July delivery.
On the other hand, Chinese HRC offers to Vietnam have declined by $50/mt over the past month to $300-310/mt CFR, while Chinese offers for rerolling quality HRC of 2 mm thickness to the same destination have also declined by $55/mt over the same period to $310-315/mt CFR, both for August shipment. Market sources state that Vietnamese buyers firm bids for HRC offers are in the range of $290-295/mt CFR, while no firm bids have been heard for rerolling quality HRC yet.
$1 = VND 31.24