The lowest offers and deals in the Vietnamese HRC market have been registered at $460-465/mt CFR this week, which is $12/mt below the tradable level last week, SteelOrbis has been informed. A contact for Indian coils was signed at $460/mt CFR, according to traders. And though many market sources said that was a trader’s position cargo, the deal price level was very close to offers, which mills have been ready to give early this week - $465/mt CFR.
Russian HRC has been offered at $470/mt CFR and a bit higher, almost at the same level as a deal done last week.
Chinese traders have been offering at $475-480/mt CFR , which is $5-10/mt below the last week level, but demand has been limited.
The pressure from lower bids in the Vietnamese market and higher supply volumes will likely influence further price trend in the coming week. Moreover, the expectations that Vietnam will impose 5 percent import duty on HRC are very bleak at the moment as the proposal has faced strong opposition among importers. “We are buying both from local market and from overseas like India and China, the tariff may be beneficial only for two mills [Formosa Ha Tinh and Hoa Phat Group, which will start HRC production next year],” a Vietnamese trader said.