Imported hot rolled coils (HRC) prices in Vietnam have continued to follow a downtrend this week as exporters have been seeing this market as the only more or less active sales destination. Deals have been mostly heard for Indian and Russian coils recently.
A contract for 20,000-25,000 mt of Russian HRC has been signed at $380-385/mt CFR for Vietnam for June shipment, with most sources mentioning the deal was done for small coils. “I believe we will be at below $380/mt CFR very soon,” a local trader said. There have been rumours that negotiations have already been held at $370/mt CFR, but this has not been confirmed by the time of publication.
At the same time, for big coils prices have not fallen to such lows. An offer from Russia has been heard at $395/mt CFR for June shipment. Two re-rolling mills have purchased Indian origin HRC at $395-400/mt CFR, sources reported. Transactions have taken place after the sale at $400-405/mt CFR, which was disclosed earlier this week. In total, these three lots account for 60,000 mt. Some sources indicated that these sales were concluded in a short position by traders. Indian mills have been offering HRC for April-May shipment and there have been no deals heard directly from mills to Vietnam after a contract at $407/mt CFR last week. Most negotiations were held late last week and early this week, while customers have been out of the market on April 2 due to the Hung Kings' Festival.
SteelOrbis reference price for HRC in Vietnam has come to $395-400/mt CFR compared to $407/mt CFR late last week.