Import HRC market in Vietnam takes a pause from long-standing decline

Friday, 06 September 2019 14:52:10 (GMT+3)   |   Istanbul
       

The import hot rolled coil (HRC) market in Vietnam has stabilized this week after a long-standing downtrend as Indian suppliers have already sold significant volumes and have decided to take a break, while Chinese exporters have been seeing some price rebound in their local market. Offer prices for ex-India HRC of 2 mm thickness and above have been still coming mostly at $460-465/mt CFR this week. Some traders have been still testing the market, offering cheaper position cargo at $455/mt CFR, but customers have been cautious about purchases, SteelOrbis has been informed.

Russian HRC has been offered at $465/mt CFR, just slightly lower than last week. Offers for Chinese HRC have been still heard at around $475/mt CFR.

However, some increase in activity has been seen for ex-Japan HRC. About 10,000 mt of Japanese SAE1006 coils have been sold to Vietnam at $470/mt CFR, SteelOrbis has learned. This level has been much lower than indicative prices for Japanese-origin coils at $485-490/mt CFR earlier. Such a decrease is connected with the slack demand from Vietnamese buyers for non-Indian HRC and the higher production of steel in Japan.

“Not a big increase but a slight rebound for the short-term in Vietnam could be expected. But there are so many short position cargoes,” a trader said, commenting on the possible further market development in September.


Most Recent Related Articles

Chinese HRC suppliers more active in exports, imports slow after recent deals

HRC prices in Vietnam stabilize at high levels, with more deals disclosed

Formosa Ha Tinh announces higher prices for wire rod and billet

Formosa Ha Tinh hikes HRC prices for August by $20/mt

Further import HRC price rise expected in Vietnam, Formosa prepares for hike