Although sentiments have remained largely negative in Vietnam’s HRC import market given no visible signs of a demand recovery in the country, some rebound has been seen in import prices from Chinese suppliers supported by the futures price recovery in China. Meanwhile, other foreign suppliers have continued to stay out of the Vietnamese market, with only occasional offers heard from Japan.
More specifically, offers for ex-China SS400 HRC from traders have increased to $565-570/mt CFR for end-of-June shipment, compared to $540-550/mt CFR last week. Such a price rebound is mainly explained by better sentiments in China given the recent announcement of production cuts and the recovery in HRC futures prices. Meanwhile, most offers for ex-China SAE1006 HRC have been reported at $615-620/mt CFR mainly for July shipment, up by $5/mt over the past week. “The demand is extremely low in Vietnam and there are no signs of a significant recovery in the near future,” a Vietnamese trader told SteelOrbis.
At the same time, almost no offers have been heard from other foreign suppliers, with only some heard from a Japanese producer at $650/mt CFR for July shipment.
The SteelOrbis’ reference prices for import SAE1006 HRC have settled at $615/mt CFR, versus $610-615/mt CFR previously, given the better sentiment in China.
