Vietnam’s import HRC market has seen a significant price rebound over the past week, with sharply higher offers from major suppliers across all origins amid tightening supply and bullish sentiment. However, buyers have largely stayed on the sidelines, resisting the elevated price levels and keeping trading activity limited.
Given the imposition of export licenses in China, traders who had earlier offered their non-VAT material at cheaper prices have left the Vietnamese market, with the indicative offers for ex-China Q235 HRC reported at around $505/mt CFR for May shipment, versus $500-505/mt CFR at the end of last week.
Meanwhile, offers for SAE1006 HRC to Vietnamese re-rollers have been reported at $540/mt CFR for ex-India May shipment cargoes, versus $510/mt CFR at the beginning of last week. According to sources, despite such a sharp increase, the new level is expected to be accepted in the short run as other suppliers are bullish as well. In particular, offers for ex-Indonesia SAE1006 HRC have been voiced at around $560-565/mt CFR for June and July shipments, compared to $525/mt CFR at the beginning of last week, while offers for ex-Japan coils have been estimated at $535-540/mt CFR, up by $5-10/mt since last week.
In the meantime, offers for ex-Russia SS400/SAE1006 HRC have also been heard in Vietnam, at $505-515/mt CFR, marking a rare reappearance in the market after a prolonged absence.
As a result, the SteelOrbis reference price for imported SAE1006 HRC has increased to $530–540/mt CFR, up from $500–510/mt CFR last week. This rise reflects sharp increases in offers from all major foreign suppliers and excludes the ex-Russia HRC offer at $505/mt CFR, as no transactions have been confirmed, and Russian suppliers are not considered a benchmark in the market.
Furthermore, according to sources, local producer Hoa Phat Group has also been offering its material for export, at around $530/mt FOB for May shipment.