The Vietnamese flat steel market, where ex-China hot rolled coil (HRC) offers have increased early last week, has remained stagnant during the past week. Although the increase in ex-China offers has gained acceptance among some local market players, the offers have started to soften again towards the end of last week.
In the meantime, flat steel prices in the Vietnamese domestic market have remained unchanged as compared to the previous week. Accordingly, HRC prices are still standing at $580-590/mt ex-works, while cold rolled coil (CRC) prices are at $720-725/mt ex-works and rerolling quality HRC prices are at $580-590/mt ex-works, all exclusive of VAT.
On the imports side, HRC offers from China to Vietnam have have increased by $10-20/mt since last week to $530-545/mt CFR, while rerolling quality HRC prices are now standing at $545-550/mt CFR, indicating an increase of $20-25/mt over the same period. However, due to instability of prices, Vietnamese buyers are not inclined at booking material at this price range.
Furthermore, HRC offers from South Korea to Vietnam are ranging between $570-580/mt CFR.