Vietnam : End Users Continue to Eye for Cheaper HRC Import Offers

End users based in Vietnam continue eyeing for lower HRC import offers from Russia and India compared to China over competitive pricing, shared by market participants based in Vietnam.

Bulk bookings from India is the key reason for continual decline in imported HRC offers to Vietnam.In line with this end users are attracted towards imported HRC offers from Russia and booked shipments for Nov deliveries.

However on the other end Chinese steelmakers have kept their imported HRC offers to Vietnam stable amid better realizations in domestic market.

Also restocking activites ahead of the Golden Week holidays scheduled from 1 Oct’19 kept nation’s HRC export offers steady in Vietnam market.Although no major deals have concluded yet.

Current imported HRC offer to Vietnam
1.HRC (SAE 1006) 2-3mm/ Chinese offer- Magang Steel is offering at USD 455/MT CFR Vietnam.

2. HRC (SAE 1006) 2-3mm/ China offer- Rizhao Steel is offering at USD 460/MT CFR Vietnam.

3.HRC (SAE 1006) 2mm/ Indian offer- TATA Steel is offering at USD 452/MT CFR basis. Towards the beginning of this week offers stood around USD 455-457/MT CFR basis.

4.Towards the end of the previous week, Indian steel mills booked around 1,00,000 MT of HRC with Vietnam at USD 455-460/MT CFR basis for Oct shipments.

5.Confirmed trade deal heard of around 30,000-40,000 MT of HRC (small coils) booked by Russian steelmaker MMK steel to Vietnam at around USD 441-442/MT CFR basis for Nov shipments.

6 HRC (SAE 1006, big coils) 2-3mm/ Russian offer- MMK Steel is offering at USD 451-452/MT CFR Vietnam.Towards the beginning of this week offers stood around USD 465/MT CFR basis.

7.HRC (SAE 1006) 2mm/ South Korea offer- Hyundai Steel is offering at USD 470/MT CFR basis.Towards the beginning of the week offers stood around USD 475/MT CFR basis.

8.Vietnam’s domestic steel maker Formosa Ha Tinh has slashed its HRC (SAE 1006 skin pass) offers for steel by USD 51/MT and is assessed around USD 480/MT CIF Ho Chi Minh for Nov shipments.