Vietnam’s import HRC market saw a mild uptrend this week, with ex-China offers edging higher in line with the rebound in Chinese HRC futures. The improvement in futures sentiment supported Chinese mills’ confidence, prompting firmer pricing. Meanwhile, other foreign suppliers, particularly those offering re-rolling grade, have adopted a more cautious approach, keeping offers largely stable or even providing slight discounts to attract Vietnamese buyers. Demand in Vietnam remains sluggish, and purchasing activity has been limited as end-users continue to face weak domestic consumption and prefer to wait for further clarity.
Meanwhile, import offers for ex-China Q235 2,000 mm HRC have been voiced at $487-492/mt CFR versus $479-482/mt CFR last week. Such increase has been connected to recovery in futures HRC prices in China, which by Friday, October 31 have gained RMB 52/mt ($7/mt) week on week, standing at RMB 3,308/mt ($467/mt), according to SteelOrbis data.
"Chinese mills are feeling more confident after the futures rebound, but that optimism hasn’t reached Vietnam — buyers here are still sitting on their hands," a trader told SteelOrbis.
At the same time, offers for SAE1006 HRC from India have been voiced at $497-505/mt CFR compared to $503-513/mt CFR last week. Besides, offers for ex-Indonesia HRC in Vietnam have settled at $495/mt CFR, down by $4/mt week on week, for January shipment. Thus, the SteelOrbis reference price for import SAE1006 HRC has settled at $495-500/mt CFR, the same as last week.
"There’s a clear disconnection, futures are rising in China, but sentiment in Vietnam is flat. Buyers are hesitant, and mills outside China can feel it," another regional trader said.