HRC imports have revived significantly in Vietnam, with numerous deals signed with different suppliers. Accordingly, Vietnamese buyers, which had been delaying purchases for a while, have reportedly booked around 100,000 mt ex-China SS400 HRC over the past weeks at $565-575/mt CFR. Besides, while a few deals for ex-China SAE1006 HRC have been signed at $590-595/mt CFR through traders. This week, offers for ex-China SS400 HRC have been reported at $575/mt CFR, while most ex-China prices for SAE1006 have settled at $595-600/mt CFR, down by $5-10/mt week on week. “I personally know of about 40,000 mt of Chinese SS400 HRC sold at $565-570/mt CFR Vietnam, but there were more volumes sold at this price, maybe even 150,000 mt over the past two weeks,” a Chinese trader told SteelOrbis.
“The Chinese currency is weak, so many Chinese sellers are decreasing their prices to boost sales. However, there are some hopes for a price recovery after the long Chinese holiday, because after the holiday the Chinese government will hold an important meeting ahead of a new presidential period and many policies can change,” a Chinese mill representative said.
Apart from Chinese deals, market participants have reported a deal for around 10,000 mt of ex-Japan SAE1006 HRC signed at $605-610/mt CFR Vietnam at the end of last week. However, new offers for ex-Japan SAE1006 HRC have settled at $620/mt CFR this week.
In the meantime, according to market insiders, another 70,000 mt in an ex-India mixed cargo for SS400 and SAE1006 was sold to Vietnam at $580-590/mt CFR last week, though this deal has not been confirmed by the time of publication.
Meanwhile, Vietnamese customers have also reported active local HRC buying at $595-610/mt CFR. “This month, it seems that Hoa Phat and Formosa are selling better due to fast shipments and the attractive rate of the Vietnamese currency. Considering that the US dollar has increased too much, there are risks for long-shipment contracts, so many customers prefer to book domestic materials,” a market source said.
The SteelOrbis reference price for import SAE1006 HRC has moved to $590-610/mt CFR, from $600-610/mt CFR last week, amid the recent deals concluded in Vietnam.