Vietnam’s HRC import market has remained very quiet this week, with purchasing activity and underlying demand subdued following the return from the Tet holiday. Import prices have generally ranged from stable to slightly lower, reflecting cautious sentiment and limited buying interest. Market participants have largely stayed on the sidelines, monitoring developments rather than committing to new cargoes. As a result, price movement has been minimal, and no transactions have been confirmed at the newly voiced offer levels.
Specifically, rare offers for ex-China 235 and Q195 grade coils for pipe makers have been heard in the market, with indicative prices standing at $485/mt CFR and $475/mt CFR, respectively. The lack of availability has been linked to export licence issues in China, which had forced traders to stop offering non-VAT material, while the approaching Chinese holiday period has further reduced activity and quotations.
Meanwhile, offers for SAE1006/SS400 HRC to Vietnamese re-rollers have been reported at $493-495/mt CFR for ex-India late March – early April shipment cargoes, compared to $500-502/mt CFR two weeks ago. Buyer indications have been heard at lower levels of $490/mt CFR, reflecting cautious sentiment. Offers from Japan have been estimated at around $510-515/mt CFR for April shipment, unchanged over the past two weeks, while indicative offers for Indonesian SAE1006 HRC (3mm) has been offered at around $515/mt CFR.
The SteelOrbis reference price for imported SAE1006 HRC has moved to $493-500/mt CFR, down by $2/mt on the lower end of range over the past two weeks.
Notably, as of February 27, HRC futures at Shanghai Futures Exchange are standing at RMB 3,215/mt ($464/mt), decreasing by RMB 7/my ($1/mt) since February 13, while decreasing by 0.25 percent compared to the previous trading day, February 26.