Imported HRC prices in Vietnam continue to remain under pressure as traders are trying to short sell cargoes. Offers have been lowered by USD 15-20/MT against beginning of this week. Current offers from traders are reported at USD 415/MT CFR Vietnam compared with levels of USD 430-435/MT at the beginning of the week.
— However HRC offers from other major Indian mills are reported around USD 430/MT, CFR Vietnam.
— However, buyers are bidding around USD 410-415/MT CFR basis. Thus, the gap between bids and offers has kept trades on lower side. There were some rumours going on related to a deal under negotiations from India at around USD 410-415/MT, CFR but could not be confirmed at the time of publishing this report.
— Also, another market source in Vietnam shared, “Demand in imported HRC market is extremely low and inventories are reported high. Meanwhile, most of the orders by pipes and galvanized industries got delayed. Liquidity is freezing and cash flow has become very critical.”
Current imported HRC offers to Vietnam
— HRC (SAE 1006, 2mm), China- Rizhao Steel is offering at USD 430/MT CFR basis. At the beginning of the week, offers were at USD 450-455/MT CFR basis.
— HRC (SAE 1006, 2mm), South Korea- Hyundai Steel is offering at USD 455/MT CFR basis. At the beginning of the week, offers were at USD 460-465/MT CFR basis.
— HRC (SAE 1006, 2mm), Japan- Nippon Steel is offering at USD 455/MT CFR basis. Previous offer- USD 465/MT CFR basis.
— Formosa Ha Tinh is offering HRC (SAE 1006, skin pass) at around USD 480/MT CFR basis slashed by USD 40/MT for May shipments.
Leave a Reply