Activity in the import hot rolled coil (HRC) market in Vietnam has increased somewhat over the past week with a sizable volume, originating from Malaysia, traded through a Chinese trader at a more competitive price than compared to local offers.
More specifically, SteelOrbis has learned that at least 30,000 mt of SAE1006 HRC from Malaysia is reported to have been booked through a big Chinese trader to Vietnam at $492/mt CFR for August shipment.
In the meantime, offers for SAE1006 HRC from other suppliers, including those from Japan and Indonesia, have been voiced at $490-495/mt CFR, down by $5/mt week on week.
Offers for ex-China SAE1006 HRC have been estimated at $470-475/mt CFR, down by $5-10/mt week on week. However, according to market insiders, no interest in Chinese materials has been seen among Vietnamese buyers due to antidumping duty.
Thus, SteelOrbis’ reference price for imported SAE1006 HRC has moved to $470-495/mt CFR, against $490-505/mt CFR last week.
Meanwhile, local prices for HRC from Vietnam’s Formosa Ha Tinh Steel have been announced this week at $507-517/mt CIF, depending on the volume, while offers from the other big domestic producer Hoa Phat Group were reported at $512-513/mt CIF early last week.
