Vietnamese flat steel market hit by monsoon rains

While monsoon rains have caused a decrease in flat steel demand in Vietnam, ex-China flat steel offers to the Vietnamese market have declined significantly.
 
In line with weak hot rolled coil (HRC) demand, HRC quotations have decreased by $5-10/mt as compared to last week and are now standing at $635-645/mt ex-works, while cold rolled coil (CRC) prices are stable at $810-815/mt ex-works.
 
On the import side, Chinese HRC offers are currently at $645-655/mt CFR, ex-China prices for products available from stocks are at $630/mt CFR for prompt shipments. On the other hand, Russian producers' HRC offers to Vietnam are at $635-645/mt CFR.