Unstable import offers negatively affect Vietnamese flat steel market

In the Vietnamese flat steel market, hot rolled coil (HRC) import offers from China had increased early last week as expected, though this price increase failed to gain acceptance in the market. Towards the end of last week, import offer prices started to decline. The risk of a deepening of these declines is affecting the Vietnamese flat steel market negatively.
 
In the meantime, flat steel prices in the Vietnamese domestic market have remained unchanged as compared to the previous week. Accordingly, HRC prices are still standing at $580-590/mt ex-works, while cold rolled coil (CRC) prices are at $720-725/mt ex-works and rerolling quality HRC prices are at $580-590/mt ex-works, all exclusive of VAT.
 
On the import side, HRC offers from China to Vietnam have increased by $40/mt in the past week, with HRC and rerolling quality HRC prices now standing at $520-525/mt CFR. However, due to the instability of prices, Vietnamese buyers are not inclined to book material at this price range.