Falling Bids Keep Imported HRC Offers to Vietnam Under Pressure
This week imported HRC offers to Vietnam witness marginal decline by USD 5-10/MT as the gap between bids and offers continue to widen since end users in Vietnam are expecting further decline.
Also Chinese HRC export offers weakened as USA announced 10% additional tariffs on USD 300 billion of Chinese imports effective from 1 Sep’19. Also rising inventories in China amid pessimistic market sentiments in both domestic and overseas market resulted to lower imported HRC offers to Vietnam.
Following the suit, Indian steel mills lower HRC export offers to Vietnam amid weakening steel prices in domestic market.
Current HRC trades to Vietnam- Week 32, 2019
1. HRC (SAE 1006) 2-3mm/Chinese offer- Benxi Steel is at USD 508/MT CFR Vietnam.
2. HRC (SAE 1006) 2-3mm/Chinese offer- Laiwu at USD 500/MT CFR Vietnam. Towards end of previous week offers were at USD 505/MT CFR basis.
3. HRC (SAE 1006) 2-3mm/Japanese offer- Nippon Steel is at USD 520/MT CFR Vietnam.
4. HRC (SAE 1006) 2-3mm/Brazil offer- Arcelor Mittal is at USD 505/MT CFR Vietnam. The offers stood at USD 507/MT CRF Vietnam by the end of last week.
5. HRC (SAE 1006) 2-3mm/Korean offer- Hyundai Steel is at USD 520/MT CFR Vietnam.
6. Confirmed trade deal of around 5000 MT of Indian HRC (SAE 1006 2.00mm-2.3mm) cargo has booked at USD 500/CFR Vietnam towards the end of previous week.
7.HRC (SAE 1006, big coils) 2-3mm/Russian offer- MMK Steel is at USD 510/MT CFR Vietnam. Last week the same offers stood at USD 520/MT CFR basis.
source: SteelMint
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