Given the sharp decline in iron ore prices, which have decreased from $123/mt to $111-112/mt over the past week, a feeling of panic has increased in the Vietnamese flat steel market. Meanwhile, market players are waiting for prices to touch bottom levels soon.
Hot rolled coil (HRC) prices in the Vietnamese domestic market have declined by $15-20/mt since last week and are now at $545-555/mt ex-warehouse, while cold rolled coil (CRC) prices have dropped by $10/mt, decreasing to $670-675/mt ex-works. Meanwhile, rerolling quality HRC of 2 mm thickness is being sold in the domestic market at $555-560/mt ex-warehouse, softening by $10/mt since last week.
On the import side, Chinese HRC offers to Vietnam have declined by $15/mt to $515/mt CFR. In the meantime, Chinese offers for rerolling quality HRC of 2 mm thickness are now at $530-535/mt CFR, decreasing by $10/mt over the past week.
Weekly price movements of different steel products in major markets can be viewed comparatively in the SteelOrbis Historical Steel Prices section. Market trends can thus be seen more clearly, while desired charts can be created and used in reports or presentations.