Imported HRC offers to Vietnam continues to move down. Offers have come down further by USD 5-10/MT against assessments made in beginning of this week owing to bearish sentiments prevailing in China’s domestic and export market.Inventory pressures, cash flow tightness along with limited buying has lead to drop in HRC export offers from China.
Currently imported offers of HRC (SAE 1006) to Vietnam from China are heard at USD 610-620/MT CFR Vietnam.As per previous price assessment offers were at USD 620-630/MT CFR Vietnam.
Market sources mentioned that Chinese based major mill Benxi Iron and Steel is offering HRC (SAE1006 )at USD 620/MT CFR Vietnam This is down by USD 10/MT against offers made in beginning of this week at USD 630/MT, CFR. However on weekly basis offers declined by USD 15-20/MT on weekly basis.
”The market is under pressure and traders are trying to sell position cargoes”, shared a Vietnam based steel trader
Other major mills in China like Rizhao Steel and Maanshan Iron and Steel are offering imported HRC to Vietnam at USD 615/MT FoB basis.However Tangshan Iron and Steel mill is offering HRC on lower side which is at USD 608/MT CFR basis.
Meanwhile,South Korean based mills continue offering imported HRC to Vietnam at USD 665/MT CFR Vietnam which is close to USD 645 /MT FoB Korea (freight will be around USD 20/MT).However Japanese mills have not quoted any offers for HRC yet.
Also no HRC offers from Indian mills were heard for Vietnam market.
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