Chinese Mills Slash HRC Export Offers to Vietnam

Chinese mills have slashed HRC export offers to Vietnam by USD 5-15/MT against last week. Mills had raised offers towards end of last week but Vietnam based buyers were holding back purchases as they were anticipating decline in offers in near term.

Trade sources believe that deals might get concluded as Chinese mills have slashed offers in line with expectations from Vietnam mills.

Current HRC trade offers to Vietnam - Week 50, 2018

1. HRC (SAE 1006) 2-3mm / Chinese offer - Xinyu Steel is at USD 490/MT CFR Vietnam.Last offers was stood at USD 495/MT CFR basis earlier this week.

2. HRC (SAE 1006) 2-3mm / Chinese offer - Laiwu Steel is at USD 490/MT CFR Vietnam.Last offers were at USD 493/MT CFR basis towards end of last week.

3. HRC (SAE 1006) 2-3mm / Chinese offer - Baosteel is at USD 495/MT CFR Vietnam. Last week offers from the steel maker was heard around USD 515/MT, CFR.

4. No firm offers were heard from Indian mills however there were some indications around USD 490-500/MT, CFR.