Imported HRC Offers to Vietnam Slide Further
With the beginning of this week imported HRC offers to Vietnam reported a further decline from major exporting nations. Market sources based in Vietnam shared that buyers continue to eye for cheaper HRC offers. Although, Chinese steel mills are celebrating Golden Week holidays from 1st Oct to 7 Oct’19.
Also, low priced imports arriving from Russia and India continue to keep imported HRC offers under pressure.
Few end-users based in Vietnam shared that, "We have already booked enough material for October shipments and planning to book for Nov shipments with an expectation of a further drop in offers from India and China".
Current imported HRC offer to Vietnam- Week 41,2019
1. HRC (SAE 1006) 2-3mm/ China- offers from Rizhao Steel stood at USD 450/MT CFR Vietnam unchanged this week due to Golden week holidays.
2. HRC (SAE 1006) 2-3mm/ South Korean- Hyundai steel offering at USD 455/MT CFR Vietnam as against USD 470/MT CFR basis in the preceding week.
3. HRC (SAE 1006) 2mm/ Japanese offer- Nippon steel is offering at USD 440/MT CFR basis which was 475/MT CFR basis in the preceding week.
4. HRC (SAE 1006) 2mm/ Brazil offer- ArcelorMittal is offering at USD 440/MT CFR Vietnam.
5.HRC (SAE 1006) 2-3mm/ Indian offer- Indian steel mills offering around USD 435-440/MT CFR Vietnam. Last week's offers stood around USD 440-445/MT CFR basis.
6. Last week Tata Steel booked HRC with Vietnam at around USD 440/MT CFR Vietnam for Oct end shipments. Quantity couldn't be confirmed at the time of publishing this report.
7.HRC (SAE 1006) 2mm/ Russian offer- MMK Steel is offering small coils at USD 425 /MT CFR Vietnam and big coils around USD 430-435/MT CFR basis.
source: SteelMint
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