Vietnam - Imported HRC Offers Inch Down as Chinese Mills Lower Offers

This week imported HRC offers to Vietnam inch down by USD 5/MT on weekly basis after lowering of offers from Chinese mills amid weakening of Yuan against USD

Chinese steel mills are offering imported HRC on lower side amid weakening yuan against USD along with increased trade tensions with USA regarding hike in trade tariffs @25%.Thus buyers in Vietnam are expecting further decline in offers. Trades have remained dull owing to disparity in bids and offers.

In addition to this Russian mills are offering imported HRC to end users in Vietnam at competitive prices.

Current HRC trades to Vietnam - Week 21, 2019
1.HRC (SAE 1006) 2-3mm/Chinese offer - Angang Steel is at USD 520/MT CFR Vietnam. Towards the end of last week the offers was at USD 525/MT CFR basis.

2.HRC (SAE 1006) 2-3mm/Chinese offer - Shagang Steel is at USD 525/MT CFR Vietnam.

3.HRC (SAE 1006) 2-3mm/Indian offer - JSW Steel is at USD 530/MT CFR Vietnam.By the end of last week the offers was at USD 532-535/Mt CFR basis.

4.HRC (SAE 1006,big coils) 2-3mm /Russian offer - MMK steel is at USD 510/MT CFR Vietnam. Last week the offers for HRC was around USD 520/MT CFR basis.

5.HRC (SAE 1006,small coils) 2-3mm /Russian offer - MMK steel is at USD 505/MT CFR Vietnam.

6.HRC (SAE 1006) 2-3mm/Korean offer - Hyundai Steel is at USD 525/MT. Last week the offers stood around USD 560/MT CFR basis.

7.HRC (SAE 1006) 2-3mm/Japanese offer - Nippon Steel is at USD 545/MT CFR basis.

8.Vietnam’s domestic steel producer - Formosa Ha Tinh has announced revision in its steel prices by the end of last week. The company reduced its HRC offers (skin pass) sharply by USD 15/MT for June end -July shipments and offering at USD 541/MT CIF Ho Chi Minh City against last month’s offer of USD 556/MT CIF basis.

9.Meanwhile Formosa offers for HRC of (SS400 grade) stood at USD 526/MT,CIF basis. Last month company was offering the same grade at USD 551/MT CIF basis.