The imported HRC market in Vietnam remains muted due to the on-going Chinese National day holidays until 8 Oct. However, in the last week, the imported HRC offers from China had witnessed a steep decline of around $20/t from $535/t CFR Vietnam to $515/t CFR basis to induce buying interest.
Vietnam based sources shared with SteelMint that China-based Rizhao steel was heard offering HRC (SAE1006) at $522/t CFR basis. However few deals were confirmed at a $508/t CFR basis before holidays.
However, the customer may accept at $500/t to $505/t CFR levels. SteelMint learned that there is no fresh buying from Vietnam importers and they will resume purchases after the Chinese Mid-Autumn holidays are over.
HRC (SAE1006) offers from ArcelorMittal Kazakhstan were reported at $510/t, CFR Vietnam.
Indian mills continue to hold HRC export offer to Vietnam- Indian mills have recently announced a steep hike in domestic HRC prices by up to INR 1500/t amid bullish sentiments on improved domestic demand and tight supply. Thus mills have limited allocation for exports. Sources are of the opinion that mills may resume offers for Vietnam market from mid-Oct ’20.
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