In recent conversation with market participants, SteelMint analyzed that Indian steel mills have lowered HRC export offers to Vietnam for June shipments by USD 10/MT.
Market sources shared that currently HRC (SAE 1006) export offers to Vietnam is heard around USD 530-535/MT CFR basis for June shipments.
Prior to this, major Indian steel mills were offering HRC to Vietnam at around USD 540-545/MT CFR basis for May shipments.
Since end users in Vietnam are eyeing for lower HRC offers from major exporting nations amid cheap offers from Turkey.
Meanwhile they are also waiting for their domestic steel mill Formosa Ha Tinh to revise its offers later this week for July shipments.
Also,USA impose 25% of trade tariffs which resulted to falling futures and weakening prices in export offers from China. This in turn led to falling imported HRC offers to Vietnam. Following this other major exporting nations like Russia, and Korea are also offering HRC on lower side.
Indian HRC/Plate exports in CY18- As per the data maintained with SteelMint, Indian HRC/plate export stood at 2.99 MnT in CY 18.Out of which Indian exported to Vietnam 0.47 MnT,Italy 0.49 MnT,UAE 0.43 MnT followed by Nepal at 0.38 MnT,Spain 0.25 MnT and Belguim at 0.22 MnT in CY18.
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