Vietnamese HRC importers have purchased sizable tonnages of ex-Russia coils over the past week at a slightly higher price than previous sales. At the same time, Chinese suppliers have continued to sell to Vietnam, though volumes have not been big and exporters have been forced to give some discounts on initial offers. Generally, the tradable value for imported HRC in Vietnam has remained stable compared to that reported on October 22.
According to sources, around 70,000 mt of ex-Russia pipe-making HRC have been sold to Vietnamese traders for January-February shipment with the price level at around $515/mt CFR, SteelOrbis has learned, though there is information that the producer has sold the whole of this tonnage at a slightly lower level - at $510-515/mt CFR. The previous deal level has been $510/mt CFR. As a result, Asian traders have been offering Russian material at $520/mt CFR for February shipment in Vietnam. “Russian coils are usually $10/mt cheaper [than Chinese SAE1006],” a local source confirmed.
Around 10,000 mt of SAE1006 HRC from one of the major Chinese mills has been sold at $528/mt CFR. Also, a small volume was traded at $525/mt CFR a week ago. Offers from China for SA1006 have been at $535-540/mt CFR Vietnam at the moment.
Offers for SAE1006 HRC from India are at $540/mt CFR. “India now is not competitive due to their domestic sales output warming up, so there is less export priority,” a local source from Vietnam said.
Negotiations for ex-Japan HRC have been heard at $545/mt CFR in Vietnam, though information about a deal has not been confirmed. “Most of the volume has gone to a JV and a few quantities to Bangladesh, Pakistan and some customers in Africa and South America. The target price is $560/mt CFR,” a Japanese trader told SteelOrbis.
The SteelOrbis reference price for imported SAE1006 HRC in Vietnam has remained at $525-530/mt CFR.
