Indian HRC export prices to Vietnam have fallen further by USD 7 against beginning of this week. An Indian steel mill has booked around 20,000 MT HRC for export via traders to Vietnam at USD 388/MT CFR Vietnam for May – June shipments.
— At the beginning of the week, a shipment of 20,000 MT HRC was booked by an Indian mill at USD 395/MT CFR Vietnam for May-June deliveries via a Chinese trader.
— Also, in the previous week another major Indian steelmaker booked 40,000 MT HRC at USD 405/MT CFR basis for May June shipments.
–Few major Indian mills have scaled down the production amid 21 days lock-down announced by the government as a precautionary measure to curb the spread of COVID-19 resulted in mute demand in the domestic market.This, in turn, provided enough scope for Indian mills to export to the overseas market.
— Thus, the Vietnamese importers are highly attracted to low priced Indian HRC offers and are importing the material aggressively amid the nation is under lock-down until 15th April due to Corona-virus pandemic.
Current imported HRC offers to Vietnam-
–HRC (SAE 1006, 2mm), China- Benxi Steel is offering at USD 410-415/MT CFR basis. The previous offer was at USD 420/MT CFR basis.
— HRC (SAE 1006, 2mm), China- Chunghung Steel is offering at USD 415/MT CFR basis. The previous offer was at USD 420/MT CFR basis.
— HRC (SAE 1006, 2mm), Russia- MMK continues to offer at USD 370-380/MT CFR basis. The previous offer was at USD 380-390/MT CFR basis.
— HRC (SAE 1006, 2mm), South Korea- Hyundai is offering USD 440/MT CFR basis.
— Formosa Ha Tinh is offering HRC (SAE 1006, skin pass) at around USD 480/MT CFR for May shipments.
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