Vietnam : Imported HRC Offers Decline Further From Chinese Mills
This week imported HRC offers to Vietnam fell further by USD 5-10/MT from China over limited bookings. Chinese HRC export offers continued to remain on correction mode over volatile futures in today’s early trading sessions, which led to decline in offers to Vietnam.
Meanwhile by the end of last week Vietnam based Formosa also slashes HRC offers (SAE 1006, skin pass) by USD 50-55/MT for February shipments following decline in global steel prices.
Thus end users in Vietnam are not aggressively booking stocks as they are anticipating further plunge in export offers from China in near term.
Current HRC trade offers to Vietnam - Week 51, 2018
1.HRC (SAE 1006) 2-3mm / Chinese offer- Benxi Steel is at USD 495/MT CFR Vietnam.
2. HRC (SAE 1006) 2-3mm / Chinese offer- Rizhao Steel is at USD 490/MT CFR Vietnam
2.HRC (SAE 1006) 2-3mm / Chinese offer - Xinyu Steel is at USD 485/MT CFR Vietnam.Last offers was stood at USD 490/MT CFR in previous week.
3.HRC (SAE 1006) 2-3mm / Chinese offer - Laiwu Steel is at USD 485/MT CFR Vietnam.In previous week the offers were at USD 490/MT CFR basis towards end of last week.
4.HRC (SAE 1006) 2-3mm / Japanese offer - steel is at USD 540/MT CFR Vietnam.
5.HRC (SAE 1006) 2-3mm /Taiwan offer - steel is at USD 530/MT CFR Vietnam.
6.Vietnam’s based Formosa is offering HRC (SAE 1006,skin pass) in the range of USD 480/MT CFR basis for Feb’19.
source: SteelMint
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