According to recent reports in the market, Vietnamese customers have started to receive more low-priced offers for hot rolled coils (HRC) from India. As a result, Indian prices have become the most competitive again, taking into account the weakening of local demand and the depreciation of the national currency.
New offers for SAE1006 HRC from some Indian mills have been heard at $450-455/mt CFR Vietnam late this week, which is $5/mt below the level seen earlier this week. Moreover, according to local sources, one of the largest producers has voiced its offer price at $440/mt CFR Vietnam. According to sources, this level can be workable and is far below prices from other sources, which are offering at about $460/mt CFR Vietnam. Most sources have said that the current real market level is at $445/mt CFR.
As a result, SteelOrbis’ reference price for imported HRC in Vietnam this week has slipped to $445-455/mt CFR, versus $455/mt CFR earlier this week. It indicates a $10-20/mt drop compared to last week.