Vietnamese flat steel market indicates sharp declines

As demand has remained extremely weak in the Vietnamese flat steel market, prices have seen sharp decreases over the past one week. Traders have been trying to sell off their stocks, but have not been successful as prices have continued to drop. Meanwhile, the sharp drops in iron ore prices - the sharpest seen so far this year - have caused panic in the market.
 
In the Vietnamese domestic market, hot rolled coil (HRC) prices are now at $585-590/mt ex-warehouse, indicating a decrease of $35-40/mt as compared to last week, while cold rolled coil (CRC) prices stand have moved down by $20/mt over the past week to $720-730/mt ex- warehouse. In the meantime, prices for rerolling quality 2 mm HRC are now being quoted at $600-605/mt ex-warehouse, dropping by $40-45/mt over the same period.
 
On the other hand, HRC offers from China to Vietnam have declined by $30/mt as compared to last week to $590/mt CFR. Meanwhile, Chinese and Indian newly-offered prices for rerolling quality 2 mm HRC are at $590-600/mt CFR, though buyers show little interest in these offers.