Uneasy start to week for Vietnamese flat steel market

The flat steel product markets in Vietnam have made an uneasy start to the current week. As a result of high supply levels in the local market, Vietnamese buyers have reduced their purchase activity. Last week, Taiwanese HRC offers to the Vietnamese market dropped by $10/mt to around $630/mt CFR. Since flat steel supplies have been high in Vietnam throughout the week, traders have started re-exporting. 2 mm re-export price levels are at around $605/mt FOB. Chinese HRC offers are expected to rise as a result of the strength of the Chinese currency and strong domestic demand. Russian HRC offers have been heard at $615/mt CFR.