Demand is still low in the Vietnamese flat steel market due to the government's tight monetary policy and the approaching monsoon season. Although flat steel offers given from Far Eastern markets to Vietnam have declined, buyers prefer to delay their purchases for the time being, since the timing of a possible recovery of the market is still uncertain.
In the Vietnamese domestic flat steel market, local producers have maintained their domestic offers at their previous levels. Accordingly, hot rolled coil (HRC) prices are still at VND 16.8-17 million /mt ($820-829/mt) and cold rolled coil (CRC) prices are at VND 18 million /mt ($878/mt), both ex-works.
SteelOrbis has learned from market sources that most aggressive HRC offers to the Vietnamese market come from South Korea at $730-740/mt CFR for material with 2 mm thickness and for shipments in July, down from $770/mt CFR early last week. It is reported that some transactions have been concluded at reduced price levels for re-rolling quality material.
$1 = VND 20,500