SteelOrbis has learned that US traders are offering imported hot rolled coil (HRC) from Vietnam at approximately $75 cwt. ($1,653/mt or $1,500/nt), or less, DDP loaded truck in US Gulf coast ports. Sources close to SteelOrbis have also confirmed that interest in booking Vietnamese HRC is "growing by the day," especially in that US domestic prices continue to rise.
As of today, the most commonly heard spot market price for US domestic HRC is hovering in the range of $91-$94 cwt. ($2,006-$2,072/mt or $1,820-$1,880/nt), FOB mill, which is substantially higher than the first week in January, when US HRC prices were trending at $51-$54 cwt. ($1,124-$1,191/mt or $1,020-$1,080/nt), FOB mill.
Also notable is the most recent preliminary census data from the US Department of Commerce, which show the US imported 310,865 mt of hot rolled sheet and strip in June, which would reflect a more than 100,000 ton jump from May, when the US imported 210,159 mt. The most significant offshore sources of imported HRC in June were Korea, at 56,368 mt, Japan, at 39,794 mt, and Turkey, at 37,150 mt. "Vietnam isn't in that list yet, but with prices like these, we expect to see bunch of Vietnamese HRC arriving in the fourth quarter," a source said.