Vietnamese flat steel market characterized by quiet activity

Flat steel prices have remained stable since last week in the Vietnamese domestic market, while Chinese prices for Vietnam have softened. Activity has been quiet in the Vietnamese market. Flat steel inventory levels are on the short side, though demand has failed to show any improvement. Meanwhile, market sources believe that cutting prices further would likely cause a reduction in demand, and so they prefer to keep their current prices unchanged.
 
In the Vietnamese domestic market, hot rolled coil (HRC) prices are still at $585-590/mt ex-warehouse, while cold rolled coil (CRC) prices stand at $720-730/mt ex- warehouse. In the meantime, prices for rerolling quality 2 mm HRC are still being quoted at $600-605/mt ex-warehouse.
 
On the other hand, HRC offers from China to Vietnam are now at $555/mt CFR, dropping by $25/mt week on week, though no deals have been concluded so far at this price level. Meanwhile, Chinese offer prices for rerolling quality 2 mm HRC have decreased by $15/mt over the same period to $580-585/mt CFR.