Prices for imported hot rolled coils (HRC) in Vietnam have decreased recently in line with expectations. Lower offer prices from some Chinese mills and traders for Indian material have reflected the overall sentiments in the market. At the same time, importers have been mostly reluctant to buy, waiting instead for further developments.
A contract for 10,000 mt of Chinese SAE1006 HRC was signed at $437/mt CFR last week, while the previous bookings were heard at $448-450/mt CFR from China to Vietnam. And though there have been no reports of offers from Chinese mills at below $440/mt CFR this week, most sources said that, if Chinese suppliers need sales, they should offer at $435/mt CFR to Vietnam.
Also, there are offers from traders at $435-438/mt CFR for Indian coils this week and, though there has been no information about new deals so far, some negotiations are in place. Earlier this week, most bids have been coming at $435/mt CFR from Vietnam, but later this week the asking price from some customers has already been heard at $430/mt CFR.
Though Indian mills have mostly been offering at $440/mt CFR, the slowdown of interest in buying from China may lead to discounts being offered to Vietnamese buyers soon, sources said.
Offers from Japan and S. Korea have lost about $10/mt over the past week and have come to $450-455/mt CFR.
SteelOrbis' reference price for imported coils in Vietnam has been set at $435-440/mt CFR, $5/mt below last week.
