Vietnam’s imported HRC market has remained slow witnessing limited trades ahead holidays. Indian steel manufacturers have further raised HRC export offers to Vietnam by USD 10-15/MT for Apr shipments following the hike in domestic steel prices. Meanwhile, market participants shared that mills are already overbooked for Mar shipments, and eyeing for April shipments bookings at increased offers.
Currently, Indian steel mills are offering around USD 550/MT CFR Vietnam for Apr shipments. However, no major deals have been booked yet at these prices.
Prior this, Indian HRC export offers were hovering around USD 535-540/MT CFR basis in the previous week.
Meanwhile, market participants shared that export bookings will remain tedious in upcoming days ahead of Tet holidays, and New Year holidays in Vietnam and China starting from 24th Jan’20 onwards.
Current Imported HRC offers to Vietnam- Week 4, 2020
1. HRC (SAE 1006) 2mm, China- Rizhao Steel’s offer stable at USD 517- 520/MT CFR basis
2. HRC (SAE 1006) 2mm, China- Benxi is offering at USD 520-525/MT CFR basis, unchanged over the previous week.
3. HRC (SAE 1006) 2mm, South Korea- Hyundai Steel’s offers continue to hover at USD 520-530/MT CFR basis.
4. HRC (SAE 1006) 2mm, China- Benxi is offering at USD 520-525/MT CFR basis, unchanged over the previous week.
5. Last week, Indian steel mills were heard to have booked around 10,000 MT HRC at around USD 534-535/MT CFR basis to Vietnam for Feb-end-March shipments.
6. Vietnamese integrated steelmaker Formosa is offering at USD 520/MT CIF Ho Chi Minh for Mar’20 shipments.
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