Signs of falling prices have emerged in Vietnam’s HRC import market this week as Chinese traders have started to cut their offers given the sharp falls in futures prices. Meanwhile, trade activity has remained sluggish as Vietnam similar to China is celebrating the Lunar New Year and most market insiders have already left the market for the holiday.
Specifically, offers for ex-China SS400 HRC in Vietnam have been estimated at around $565/mt CFR, down by $5/mt on the higher end of the range week on week. However, several bookings for ex-China Q195/Q235 HRC for around 4,000 mt in total have been reported at $554-556/mt CFR for March-April shipment, down by $7-9/mt week on week. Meanwhile, as of February 7, offers for ex-China Q235 HRC have been voiced at $555/mt CFR, versus $565/mt CFR last week.
In the meantime, firm offers for SAE1006 HRC have been rare in Vietnam this week, with the indicative price standing at around $590-595/mt CFR, against $600/mt CFR last week. “No new deals have been heard in the market, and it is hard to estimate real workable prices without transactions. Some even say $585/mt CFR could be reachable in the short run,” a market insider told SteelOrbis.
Indicative offers for ex-India SAE1006 HRC have been estimated at $595-600/mt CFR, against deal prices at $605/mt CFR last week, though the new level has not been fixed in new deals so far.
The SteelOrbis reference price for import SAE1006 HRC has moved to $590-600/mt CFR, down by $5/mt week on week, reflecting mainly buyers’ price idea given the absence of trade activity in Vietnam this week. “Mills and traders prefer to return to business after the holiday. Now only occasional “last moment” bookings can be done,” a Vietnamese trader said.
