Import HRC prices have decreased in Vietnam this week, which has been reflected in some low-volume deals. Offers from China have gone down after a further drop in the local market and a continued fall in futures prices in China. At the same time, Vietnamese buyers have been lowering their bids.
Sources said that 10,000 mt of SAE1006 HRC from one of Chinese mills was traded at $525/mt CFR yesterday, September 15. The previous deals for this grade coil from China was reported at $535-540/mt CFR, as SteelOrbis reported earlier. Most Chinese exporters have still been offering at not below $535/mt CFR, but taking into account the price fall in the local market, the tradable value has already dropped below this level, sources have said.
Also, Japanese suppliers have lowered offers for SAE1006 thin HRC to $550/mt CFR with a cargo for at least 20,000 mt traded at slightly below this level last week. Earlier, ex-Japan HRC was offered at not below $560/mt CFR. “It was quite expected,” a local source said. After the recent decline in ex-China prices, Vietnmaese buyers have been asking for $540/mt CFR maximum for thin Japanese coils.
Offers for Indian SAE1006 are still at $545/mt CFR minimum, while some mills have still been voicing even higher price levels of up to $560/mt CFR, citing an improved situation in the local market.
The SteelOrbis reference price for imported HRC in Vietnam has decreased by $5/mt from late last week to $525-535/mt CFR.
