Vietnamese HRC importers take pause in purchases, prices still gradually going down

Thursday, 26 September 2019 17:39:33 (GMT+3)   |   Istanbul

Demand for hot rolled coil (HRC) in Vietnam has slowed down this week following a number of sales earlier this month; moreover, some further decrease is still possible in the market, and sources believe that a wait-and-see position is the most effective one at the moment. SteelOrbis’ reference prices for SAE1006 HRC have come to $445-455/mt CFR Vietnam, with the lower end of the range losing $5/mt over the past week.

Offers for Russian small coils have been heard at $436/mt CFR for November shipment, $6/mt below the deal concluded a week earlier. Market sources have said that prices of big coils have been assessed at $445/mt CFR this week.

Moreover, Indian HRC, which will be delivered in early October, has started to be offered at below $450/mt CFR, SteelOrbis has learned. Mills from India are still not very flexible, as they have expected some demand improvements in the local market at the end of the 2019 calendar year. Nevertheless, a few offers have been heard at $450-455/mt CFR for November shipment, while most Indian producers were insisting on above $455/mt CFR earlier.

A few deals for Chinese SS400 HRC have recently been concluded to Vietnam at $460/mt CFR and slightly below.

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