The situation in the Vietnamese HRC import market has not improved much over the past week with buyers being still bearish and bidding at closer to $590/mt CFR, while most HRC suppliers have maintained their offers for Vietnam mainly unchanged.
The latest deals for ex-China SS400 HRC in Vietnam have been done at $585-595/mt CFR for October shipment, at the same tradable level as last week, however, new offers from Chinese traders have increased to $600/mt CFR. “Even though this week Chinese prices from traders posted some rebound, this has failed to support HRC prices as the market is still very weak,” a market insider said. At the same time, almost no offers for ex-China SAE1006 HRC have been heard in Vietnam this week, with the indicative level standing at around $620-630/mt CFR, same as last week.
Meanwhile, other foreign suppliers like those from Japan and Taiwan have been offering their SAE1006 HRC at around $600-620/mt CFR. However, some offers for ex-Taiwan coils have been also voiced at $590-595/mt CFR, same as last week. “There are talks about negotiations for another ex-Taiwan batch for 30,000/mt at around $590/mt CFR, but no confirmation so far,” a Vietnamese trader said.
In the meantime, the indicative offers for ex-India boron-added HRC have been heard at $600-615/mt CFR, compared to $600/mt CFR. Besides, some offers for ex-India SS400 HRC have been voiced at $580/mt CFR Vietnam this week.
The SteelOrbis’ reference price for import SAE1006 HRC in Vietnam has remained unchanged at $590-605/mt CFR.