Import HRC prices in Vietnam have continued to fluctuate this week following ups and downs in the HRC futures prices in China and continuous changes in the mood among suppliers. Specifically, on Wednesday, February 26, news about China planning to cut crude steel production in 2025-2027 has emerged, bolstering the weak sentiments seen early this week. However, the general sentiment among Vietnamese customers has weakened due to the imposition of antidumping (AD) duty in Vietnam, though Chinese suppliers have managed to secure some volumes of Q235 HRC, avoiding trade measures.
In particular, by Wednesday, February 26, ex-China Q235 HRC offers in Vietnam have settled at $480-485/mt CFR, following several deals done at $480-482/mt CFR a few days ago and sales at $480-481/mt CFR on Friday, February 21, for at least 5,000 mt in total for 2,000 mm Q235. According to sources, ex-China 2,000 mm Q235 HRC is not subject to AD duty, as “only Chinese HRC below 1,800 mm has AD”. However, most believe that there will be problems with securing Q195 and SAE1006 HRC from other countries as other foreign suppliers’ prices are higher as compared to Chinese prices. “For now, we see Indonesia as a good alternative as their prices are rather competitive,” a Vietnamese trader said.
Offers for ex-China SAE1006 HRC have been estimated at $495-500/mt CFR, against $495/mt CFR last week, though market insiders have not been interested in purchasing the materials due to the AD duties. Meanwhile, offers for ex-Indonesia HRC have been estimated at $520/mt CFR, which is considered by most customers “as a bit high and expected to be negotiable”. The SteelOrbis reference price for import SAE1006 HRC has settled at $495-498/mt CFR, up slightly by $3/mt on the higher end of the range week on week, as sentiments have been improving among foreign suppliers.
On February 21, the Ministry of Industry and Trade of Vietnam officially announced the imposition of temporary antidumping (AD) duties on certain hot rolled steel (HRC) products originating from China, ranging from 19.38 percent to 27.83 percent, depending on the supplier. At the same time, the investigation results confirmed that HRC imports from India have been excluded from these temporary AD measures.
According to customs data, Vietnam's HRC imports reached 12.6 million mt in 2024, marking an increase of approximately 33 percent year on year. “Since the Ministry of Industry and Trade launched the investigation into this case in July 2024, HRC imports from China have continued to rise significantly. Therefore, the application of temporary AD measures will help curb the sharp increase in HRC imports, which could otherwise cause serious harm to the domestic manufacturing industry soon,” a representative from a steel mill told SteelOrbis.