Re-rollers in Vietnam are preferring domestic HRC over imported ones as the former is cost effective and has prompt delivery. Vietnam’s Formosa Ha Tinh steel corporation is offering HRC at USD 570-575/MT,CFR in domestic market. The steel maker plans to ramp up its crude steel capacity from 3.5 MnT pa to 7 MnT pa by Mar’18.
A local trader in Vietnam commented that“Vietnamese cold rollers are more inclined towards domestic HRC owing to prompt delivery and prices. Few Vietnam based major galvanized steel manufacturers were heard to have booked around 55,000 MT HRC from Formosa this week. Other buyers have also booked cargoes from Formosa at around USD 570-575/MT CFR basis.”
On the other side, HRC import offers from China are heard around USD 595/MT, CFR Vietnam while that from India are heard around USD 580/MT, CFR basis.
This has compelled the end users in Vietnam to prefer HRC offered in domestic market than imported material coming from global nations.
HRC import offers to Vietnam – week 53
1. Offers for imported HRC (SAE 1006) from India are hovering in the range of USD 580/MT CFR Vietnam.
2. Offers of imported HRC (SAE 1006) from Benxi iron and steel company in China are heard in the range of USD 595-600/MT CFR Vietnam
3. Russian origin MMK steel is currently offering imported HRC at USD 580/MT CFR Vietnam.
4. And South Korean based Hyundai mills is offering at USD 630/MT CFR basis.
Although demand from Vietnamese buyers is anticipated to resume in the first half of Jan’18 as it will be last opportunity for the Vietnamese buyers to replenish the stock ahead of Tet holiday arriving in mid February.
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