Vietnam’s import hot rolled coil (HRC) market has remained relatively quiet over the past week, with buyers continuing to resist higher-priced offers amid weak demand and sufficient availability of material from alternative suppliers. Indian and Indonesian suppliers have remained the most competitive sources in the market, though trading activity has been limited as the gap between buyers’ bids and sellers’ expectations has persisted. Meanwhile, Chinese suppliers have remained largely absent from the SAE1006 segment following antidumping measures, leaving regional suppliers to compete for the limited demand available in Vietnam.
More specifically, offers for ex-India SAE1006 HRC have been heard at around $580/mt CFR Vietnam, compared to $590/mt CFR reported last week. At the same time, Vietnamese buyers have been indicating bids at around $575/mt CFR, though no major transactions have been confirmed at these levels so far. Market sources have indicated that Indian suppliers remain willing to negotiate in order to secure orders, though most buyers have continued to adopt a wait-and-see approach.
Indonesian suppliers have also adjusted their offer levels downward. Fresh offers for ex-Indonesia SAE1006 HRC have been reported at around $580/mt CFR Vietnam, compared to indicative offers of $590-592/mt CFR heard last week. However, despite the lower offers, buying interest has remained subdued, with most bids reported at approximately $575/mt CFR.
Meanwhile, Japanese suppliers have remained largely uncompetitive in the Vietnamese market, with indicative SAE1006 HRC offers still reported at around $600-610/mt CFR, down by $20-30/mt week on week but still well above workable market levels.
On the Chinese side, activity has remained close to zero, though pricing has been showing a downward correction, with offers for ex-China Q235 HRC estimated at $530/mt CFR. Chinese suppliers have continued to stay largely absent due to the antidumping duties imposed by Vietnam and the impact of China's export licensing requirements. Market participants have reported no significant changes in offer levels for alternative Chinese HRC grades over the past week.
At the same time, local producer Formosa Ha Tinh Steel has adjusted its domestic pricing strategy. After announcing HRC prices for orders of 20,000 mt and above at around $600/mt CFR on May 8, up by approximately $50-55/mt month on month, the producer has this week reduced its HRC prices by $8/mt for large-volume orders. According to market sources, the adjustment was aimed at improving competitiveness amid softer import offers and subdued activity in the Vietnamese market.
The SteelOrbis reference price for imported SAE1006 HRC has settled at $575-580/mt CFR Vietnam, down from $585-590/mt CFR last week, reflecting lower offer levels from Indian and Indonesian suppliers and continued cautious buying sentiment among Vietnamese customers.
