Lower bids, seasonally slow finished steel demand and aggressive offers from India have led to a further decrease in import HRC prices in Vietnam. Deals for Indian SEAE1006 coils have been concluded at $500-505/mt CFR this week, market sources reported to SteelOrbis. This price is $5-10/mt below offers heard last week. Seeing weak local demand, Indian mills have been very active in all export destinations, also selling some tonnages to the Middle East. “This is the common situation when Indians try to increase exports in July-August,” a trader said.
Offers from China to Vietnam have also gone to $510/mt CFR this week, while the lowest prices from traders were at $515/mt CFR mainly last week. Some small volumes of SAE1006 HRC were sold by a mill at $505/mt CFR Vietnam. The main reason for the decreases was the decline in the local Chinese market due to weaker buying activity.
Indicative prices for large Russian HRC have been at $500-505/mt CFR, import sources told SteelOrbis, but there was no information about deals at these levels by the time of publication.
South Korea and Japan have been in the market with offers at about $520/mt CFR. Brazilian HRC has been available at $510/mt CFR.
