The situation in Vietnam’s HRC import market has been strongly influenced by the reduced demand due to the Covid-19 pandemic. Prices have shown small fluctuations over the past week.
After the decline of $60/mt announced by Formosa Ha Tinh from June price levels, another Vietnamese supplier Hoa Phat has also cut its prices for local customers. New prices for SAE HRC have been reported at $922-926/mt CFR, with SS400 prices at $918-922/mt CFR. The new levels are around $50/mt lower compared to the previous month.
Demand for both local and import HRC is weak, though if a buyer needs to replenish stocks, the focus will be on local purchases, sources have said. Only a small lot of ex-India SAE1006 has been traded to Vietnam at $930-935/mt CFR. No other trades have been heard by the time of publication.
Local prices in China still have support, and so offers in the export market are high - not less than $970/mt CFR from small mills.
The SteelOrbis reference price for import SAE1006 HRC in Vietnam has remained at $895-930/mt CFR so far, stable from last week. The lower end corresponds to the ex-Russia HRC level.
