Rumors about another significant price decline have been actively circulating in Vietnam's import HRC market this week. But most market sources polled by SteelOrbis have denied these rumours and said that major sellers - from Indonesia and India - are ready only to give limited discounts.
The SteelOrbis reference price for import HRC in Vietnam has settled at $515-520/mt CFR, decreasing by $3-5/mt CFR from late last week.
One contract for 30,000 mt of 3 mm HRC from Indonesia has been rumored at $509/mt CFR, but all local sources in Vietnam and from the exporting side agree that this reflects customers' target price. “The lowest offers were at $515-517/mt CFR. $509/mt CFR is too low but possible if someone needs to sell urgently,” a Singapore-based source said. However, a sale of 20,000 mt of Indonesian coils at $520/mt CFR North Vietnam has been heard and partially confirmed by the time of publication. One contract has also been heard for Indian HRC at $518/mt CFR Vietnam. This has not been finally confirmed, but it has been heard by a number of sources and assessed as reasonable. “Bids are coming at $510-515/mt CFR, but mills haven't accepted,” an Indian trader said. One of the major Indian mills has confirmed that offers directly from mills are at $520-530/mt CFR for 2 mm HRC.
As regards exports from China, a sale of Q195 for re-export has been heard at $497/mt CFR. However, a Vietnamese source commented, “Most Chinese coils are restricted by duties. We focus on India and Indonesia, and only on thin coils from China.” The price of Chinese SPHC 1 mm pickled and oiled coils is stable at $560/mt CFR in Vietnam.
