Vietnam: Imported HRC Offers Decline Amid Limited Buying
With the commencement of this week, imported HRC offers to Vietnam registered decline by USD 5-10/MT W-o-W on the back of softening prices in Chinese steel market owing to sparse trading and ‘wait & watch’ approach adopted by Vietnam based end users.
Chinese HRC export offers started weakening last week as the prices fall in domestic market over volatile futures. Thus this resulted to lower bids for HRC export offers among buyers in Vietnam.
Thus imported HRC offers to Vietnam heard around USD 505-515/MT CFR basis which was USD 530/MT CFR basis towards the end of last week.
Vietnam based mills were seen booking positioned cargoes last week. As per sources they booked around 1,000 MT HRC from China’s Baosteel at USD 515/MT, CFR Vietnam. Also few deals of Indian origin HRC positioned cargoes were heard to be concluded at USD 513/MT, CFR Vietnam.
Current HRC Trades to Vietnam- Week 29, 2019
1.HRC (SAE 1006) 2-3mm/Chinese offer- Laiwu Steel is at USD 505/MT CFR Vietnam. Last week offers stood at USD 515/MT CFR basis.
2.HRC (SAE 1006) 2-3mm/Chinese offer- Baosteel Steel is at USD 515/MT CFR Vietnam. Last week offers stood at USD 520/MT CFR basis.
3.HRC (SAE 1006) 2-3mm/Japanese offer- Nippon Steel is at USD 525/MT CFR Vietnam.
4.HRC (SAE 1006) 2-3mm/Korean offer- Hyundai Steel is at USD 525-530/MT CFR Vietnam.
5.HRC (SAE 1006) 2-3mm/Brazil - Arcelor Mittal is at USD 515/MT CFR Vietnam. Last week offers stood around USD 520/MT CFR
6.HRC (SAE 1006) 2-3mm/India - Indian steel mills offer at USD 510-515/MT CFR Vietnam. Offers have inched down by USD 5-10/MT against last week.
7.Vietnam domestic steelmaker Formosa will revise its monthly HRC (SAE1006,skin pass) offers shortly for September deliveries.
source: SteelMint
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