Imported HRC offers to Vietnam witnessed an increase of USD 10-15/MT this week ahead of Chinese Lunar New year holidays along with Tet Festival in Vietnam which is approaching in mid of February.
Trade sources highlighted that currently Chinese mills like Benxi Iron and Steel is still offering HRC (SAE1006) at USD 605/MT CFR Vietnam. Also Magang Steel is offering at USD 599/MT CFR basis. However no major deals have been concluded this week.
Last week Chinese mills were offering HRC ( (SAE1006) in the range of USD 585-591/MT,CFR basis.
Also,previous offers from Vietnam’s local HRC producer Formosa Ha Tinh Steel was at USD 573/MT,CFR and has not quoted any fresh offers yet.
Vietnamese buyers are actively restocking the inventories as the prices might increase post festive holidays.
HRC offers from few major Japanese steel mills are around USD 620/MT, CFR.
Indian HRC export offers remain unchanged for Vietnam over higher prices –
Indian mills are also offering HRC (2 mm, SAE1006) at USD 625/MT CFR Vietnam which was largely similar to previous week price level.Previously the offers was around USD 615-630/MT CFR basis.
However no deals have been settled yet since Vietnamese buyers are preferring Chinese HRC as they are comparatively cost -effective.
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