Following a sharp price drop seen in Vietnam’s HRC import market last week amid price falls in China, this week has brough some stabilization in new ex-China offers to Vietnam. However, the general mood has remained negative in the country, as, despite the slight recovery in local and futures prices in China at the beginning of this week, no recovery has been seen in ex-China export prices, while traders have kept agreeing to concessions, providing more discounts.
Accordingly, this week most Chinese suppliers have been offering their SAE1006 HRC at $645-650/mt CFR, the same as last week, with a deal for around 30,000 mt reported to have been signed at the $642/mt CFR level. Meanwhile, Chinese traders have been offering their SS400 HRC at $590/mt CFR, versus $590-600/mt CFR last week, while offers from Chinese second-tier mills have been heard at $610-620/mt CFR Vietnam. “There are so many offers now, but Vietnamese buyers are quite cautious in terms of purchases, and some are still bidding at $580/mt CFR,” a Vietnamese trader said.
Other suppliers, like those from India, have continued to stay out of the Vietnamese market, though indicative offers for ex-Japan and ex-Taiwan SAE1006 HRC have been voiced at $660-670/mt CFR, down by $10-20/mt week on week.
The SteelOrbis’ reference price for import SAE1006 HRC in Vietnam has remained at $640-650/mt CFR, the same as last week, given some stabilization in ex-China offers.