Vietnam: Imported HRC Prices Recover as Mills Raise Offer

SteelMint, in conversation with Vietnam based market participants, learned that HRC offers from major exporting nations witnessed an uptick by USD 10-15/MT for Nov-Dec shipments.

Following hike announced by Indian mills, Chinese steel mills raise their HRC export offers which in turn resulted in an uptrend in imported HRC offers to Vietnam.

Trade sources based in Vietnam commented that "Buyers are highly attracted towards Indian HRC offers compared to other exporting nations over competitive pricing."

Although Chinese steel mills are less active in the Vietnam market and diverting their material to domestic market over improved profit margins. Also, recent announcements on production curbs have kept China's domestic HRC offers on a higher side.

Current HRC offers to Vietnam- Week 45,2019

1. HRC (SAE 1006) 2mm/Chinese offer- Chinese steel mills are offering at USD 440-445/MT CFR Vietnam. Towards the end of last week offers stood around USD 435/MT CFR basis.

2. HRC (SAE 1006) 2mm/ Japanese offer- Nippon Steel is offering at USD 440/MT CFR Vietnam. Previous week offer stood around USD 430 /MT CFR basis.

3. HRC (SAE 1006) 2mm/ South Korean offer- Hyundai Steel offers stand around USD 440/MT CFR basis. The previous week's offers were around USD 425-430/MT CFR basis.

4. Last week confirmed trade deal heard, of around 50,000 MT of HRC booked by major manufacturers directly for export to Vietnam at USD 422-425/MT CFR for Nov-end Dec shipments.

5. HRC (SAE 1006) 2mm/Indian offer- Indian steel mills are offering at USD 425-430/MT CFR Vietnam.

6. Currently no active offers for HRC were reported to Vietnam from Russia