Vietnam’s HRC import market has remained largely stagnant over the past week, with re-rolling grade offers from most foreign suppliers holding relatively stable amid extremely slow trading activity. In contrast, Chinese suppliers have reduced their pipe-making HRC offers by more than $10/mt week on week, amid a decline in HRC futures after last week’s brief recovery.
Import offers for ex-China Q235 2,000 mm HRC in Vietnam have been voiced at $471-472/mt CFR for late December shipment, compared to $485-490/mt CFR last week. Besides, according to sources, several deals are reported to have been signed for ex-China Q235 HRC at $470-472/mt CFR this week. Notably, following some recovery in HRC futures prices in China last week, this week futures prices have rolled back, declining by Wednesday, November 6, by RMB 62/mt ($8.7/mt) or 1.9 percent since October 30, while up 0.22 percent compared to the previous trading day, November 5, standing at RMB 3,256/mt ($467/mt), according to SteelOrbis’ data.
At the same time, offers for SAE1006 HRC from most foreign suppliers have moved mainly sideways over the past week. In particular, offers for SAE1006 HRC from India have been voiced at $495-500/mt CFR for late December shipment, compared to $497-505/mt CFR last week. Besides, offers for ex-Indonesia HRC in Vietnam have settled at $495/mt CFR, the same as last week, for January shipment, while offers from a Malaysian HRC mill for SAE1006 3 mm have been voiced at $520/mt CFR for shipment in late January. Furthermore, offers for ex-Japan SAE1006 HRC have been estimated at $500-510/mt CFR for early January shipment.
Thus, the SteelOrbis reference price for import SAE1006 HRC has remained at $495-500/mt CFR, the same as last week.
At the same time, according to sources, local prices from Formosa Ha Tinh Steel (FHS) for orders of above 20,000 mt have been voiced at as low as $507/mt CIF Hai Phong port and at $511/mt CIF Ho Chi Minh port.
