Vietnam: Imported HRC Market Turns Active in Recent Deals; Offers Stable
Imported HRC market in Vietnam has observed some deals being concluded last week. A confirmed trade deal heard of around 30,000-40,000 MT of HRC booked by a major Indian steelmaker. However, the deal price could not be confirmed at the time of reporting this article.
Meanwhile, Indian offers have remained stable against last week at around USD 440/MT, CFR basis.
End-users in Vietnam are highly attracted to HRC offers from India over low priced imports. However, on the other hand, Chinese HRC export offers to Vietnam is comparatively high as mills are shifting their supply majorly to the domestic market amid strict production curbs.
Trade sources in Vietnam shared that, "Buyers in Vietnam are consistently looking for cheaper alternatives from Indian and Russia for imported HRC for Dec shipments since Chinese HRC offers are considered too high."
Current HRC offers to Vietnam- Week 46, 2019
1. HRC (SAE 1006) 2mm/ Chinese offer- Rizhao steel is offering at USD 450/MT CFR basis.
2. HRC (SAE 1006) 2mm/ Japanese offer- Nippon Steel is at USD 445/MT CFR Vietnam.
3. HRC (SAE 1006) 2mm/ South Korean offer- Hyundai Steel at USD 440-445/MT CFR basis.
4. Currently, no active offers heard from Russia.
5. HRC (SAE 1006) 2mm/ Indian offers - Indian steel mills offering at USD 440/MT CFR Vietnam which was USD 425-430/MT CFR basis at the beginning of the previous week. There were few indications of deals getting concluded at USD 435/MT, CFR Vietnam.
6. Vietnamese domestic integrated steel maker Formosa Ha Tinh will revise its HRC offers towards the end of next week for Dec-Jan shipments.
source: SteelMint
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