Vietnam HRC import offers have started to decline by USD 5-10/MT on falling Chinese steel futures post National day Holiday. Last week, HRC import offers to Vietnam from China was in the range of USD 570-580/MT which have now come down to USD 565-575/MT,CFR.
Prices have dropped in line falling Chinese steel futures. Vietnamese trader commented that “Chinese mills Xinyu and Magang are offering SAE 1006 at around USD 565/MT CFR, where as Indian cargoes are being offered at around USD 570-575/MT CFR”
Indian HRC export offers to Vietnam are heard around USD 575/MT, CFR against last assessment of USD 590/MT, CFR.
Chinese steel futures fall amid increased inventories – Chinese steel futures have dropped by more than 2% yesterday amid increased stockpiles of finished steel after week long holidays. On the other hand downstream demand is yet to match up with the stockpiles.
Vietnam imports around 18 Mnt of finished steel annually out of which nearly 10-11 MnT is imported from China. Out of total steel imported by Vietnam, 11-12 MnT of HRC.
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