Vietnam: Imported HRC Offers Weaken Further; Holidays Keep Trades Low

This week imported HRC offers to Vietnam inched down further as major exporting nations have lowered their export offers with the motive to increase sales in overseas over weakening sentiments in local market. However today being national holiday in Vietnam market has remained silent in absence of trades.

Indian steel exporters have lowered their HRC export offers further towards last weekend to attract buyers based in Vietnam.Thus Chinese steel mills are also offering imported HRC offers to Vietnam at similar levels.

As per data maintained with SteelMint ,Imported HRC offers to Vietnam from China stood around USD 460-465/MT CFR basis in beginning of Sep'19 down by around USD 40/MT and stood at USD 505/MT CFR basis in beginning of Aug’19.

Current HRC trades to Vietnam- Week 36,2019
1. HRC (SAE 1006) 2-3mm/Chinese offer- Laiwu Steel is at USD 460-462/MT CFR Vietnam. Last week offer was at USD 465/MT CFR basis.

2. HRC (SAE 1006) 2mm/Korean offer– Hyundai is offering at USD 480-485/MT CFR Vietnam.

3.HRC (SAE 1006) 2mm/Indian offer– Indian steel mills is offering at USD 460/MT CFR Vietnam.Last week offers was around USD 465/MT CFR basis.

4.Deal confirmed last week, major Indian steel maker booked around 20,000 MT of HRC with Vietnam for Sep end oct shipments.