Prices for HRC in the Vietnamese market have continued to decrease this week, with suppliers from China being the most aggressive. At the same time, trade activity has been rather limited as Vietnamese importers have remained rather restrained in terms of purchases given the continuous downtrend in China and anticipation of new prices from local producer Hoa Phat Group this week.
More specifically, at the beginning of this week market insiders reported several deals signed for ex-China Q235/SS400 HRC through traders at $490/mt CFR for September shipment, down by $10-15/mt week on week, though by Wednesday, July 31, new bookings have been reported at $485-488/mt CFR for September shipment.
Meanwhile, prices of ex-China SAE1006 HRC offered by traders have dropped by around $10/mt over the past week, standing at $506-510/mt CFR for September-October shipment, while offers from Chinese mills have been estimated at around $515-520/mt CFR levels so far.
Other suppliers, like those from India, Japan and Taiwan, have continued to stay away from the Vietnamese market, with only the indicative prices estimated for ex-Japan coils at $540/mt CFR.
The SteelOrbis reference price for imported SAE1006 HRC has moved to $510-515/mt CFR, versus $520/mt CFR reported last week.
According to sources, sentiments have been affected by concerns over the Vietnamese anti-dumping investigation into Chinese and Indian HRC announced this week. “For now, nobody can tell what the impact will be from the investigation and how it will end, but it will for sure affect business in the short and longer terms,” a market insider told SteelOrbis, adding, “Vietnam imported around five million mt of HRC in 2023, so local producers have a point.”
