Vietnam - Imported HRC Offers Decline Further
This week imported HRC offers to Vietnam from China witnessed drop by USD 5-10/MT on W-o-W basis following steep fall in export offers from China.Weakening domestic market over dull trades resulted to falling steel prices in China. Nation’s HRC export offers is hovering around USD 535/MT FoB basis.
Market participants highlighted that export prices have come down with Chinese govt. announcing hike in export tax rebates on steel products from 01 Nov'18 making it more cost competitive.
In addition to this,Vietnam domestic Formosa Steel also kept its offers on lower side.The company is offering HRC (skin pass) at around USD 570/MT CIF Ho Chi Minh City.
Current HRC trade offers to Vietnam - Week 44, 2018
1.HRC (SAE 1006) 2-3mm / Chinese offer - Benxi Steel is at USD 555/MT CFR Vietnam.Last week the offers was at USD 565/MT CFR.
2.HRC (SAE 1006) 2-3mm / Chinese offer - Angang Steel is at USD 545/MT CFR Vietnam.
3.HRC (SAE 1006) 2-3mm / Chinese offer - Magang Steel is at USD 545/MT CFR Vietnam.
4.HRC (SAE 1006) 2-3mm / Chinese offer - Rizhao Steel is at USD 550/MT CFR Vietnam.Last week the offers was at USD 560/MT CFR basis.
5.Confirmed trade deal heard HRC (SAE1006) 2-3 mm/Russian offer- MMK steel is at USD 533/MT CFR basis.Company booked around 30,000 MT of HRC small coils for November shipments.
6.HRC (SAE 1006)) 2-3mm/ Korean offer- Hyundai Steel offer at USD 580/MT CFR basis.Last offers were at USD 585/MT CFR basis.
7.HRC (SAE 1006)) 2-3mm/ Indian offer at USD 550/MT CFR basis.Last offers was at USD 560-565/MT CFR basis.However no deals at fresh offers were concluded.
source: SteelMint
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