Imported HRC Offers to Vietnam Increase Despite Limited Buying

Imported HRC offers to Vietnam moved up recently as domestic price increases in different parts of the world.

Steelmint learned from market sources that China based, Benxi iron and steel mill were offering imported HRC 2-3mm ( grade SAE 1006 ) in the range of USD 590/MT CFR Vietnam.

As per previous price assessment the same observed at USD 580/MT CFR basis.Offers from major Chinese mills like Xinyu and Magang are in the range of USD 580-585/MT CFR Vietnam

Domestic HRC prices in China  was heard in the range of  RMB 4,220/MT (ex-works) by the end of last week which have reached to RMB 4,300/MT (ex-works) .

Offers for Indian positioned cargo are assessed in the range of USD 565-570/MT CFR levels  but buying interest seen largely in the range of USD 560-562/MT  CFR levels.

However Vietnamese re-rollers are still not aggressive in paying higher prices as most of them are sitting on optimum stock levels.

“Although prices have gone up to USD 580-590/MT CFR, but buyers are reluctant to pay above USD 565-575/MT CFR levels. Mills have sufficient inventories with them and they are not desperate at the moment.

Also Vietnamese local mill, Formosa is likely to open fresh offers for HRC next week. Buyers would want to wait till offers are out.” said a local trader based in Hochiminh city.

Vietnam iron and steel imports in Jan-Nov’17

Quantity in MnT
Source-Customs