Imported HRC Offers to Vietnam Slide Further Over Lower Bids

Towards the end of this week imported HRC offers to Vietnam witness further slump on the back of continual drop in HRC export offers from China. Thus buyers based in Vietnam are eyeing for lower HRC offers from China and thus continue to keep bidding on lower side.

Following the suit, Indian steel mills have further corrected HRC offers to Vietnam for Sep or early Oct shipments as steelmakers are struggling with surplus inventories over inactive demand prevailing in domestic market.

Current HRC trades to Vietnam- Week 34,2019

1. HRC (SAE 1006) 2-3mm/Chinese offer- Benxi Steel is at USD 475/MT CFR Vietnam. In the beginning of this week offers stood at USD 488/MT CFR Vietnam.

2. HRC (SAE 1006) 2-3mm/Chinese offer- Laiwu Steel is at USD 470/MT CFR Vietnam. In the beginning of the week offers were at USD 480/MT CFR Vietnam.

3. HRC (SAE 1006) 2-3mm/Japanese offers– Nippon at USD 495/MT CFR Vietnam.

4. HRC (SAE 1006) 2-3mm/South Korea offers– Hyundai at USD 490/MT CFR Vietnam.

5. HRC (SAE 1006) 2-3mm/Russian offers– MMK at USD 468/MT CFR Vietnam.

6.HRC (SAE 1006) 2-3mm/Indian offers– Indian Steel Mill at USD 465/MT CFR Vietnam. In the beginning of the week offers were around USD 472/MT CFR basis. Few deals heard at these prices; however quantity couldn't be confirmed at the time of publishing this report.

7. Vietnam domestic Formosa Ha Tinh offers HRC (SAE1006,skin pass) at USD 531/MT CIF basis for Oct shipments decline by USD10/MT against previous offers.