Indian steel mills have resumed their HRC offers for Vietnam after staying muted for more than a month’s time. The offers for HRC (SAE 1006) stands at $535-540/t CFR Vietnam, SteelMint learned from reliable market channels.
However, not many active bookings have been reported recently as bids continued to remain below the quoted offers.
The Chinese and Russian mills had increased their offers by around $ 10-15/t in the previous week, supported by the higher bids being received from buyers in Vietnam amid an absence of Indian cargoes in the past few weeks.
Currently, Chinese mills are offering at $525-535/t CFR basis. Notably Chinese currency Renminbi (RMB) or Yuan, had strengthened to 6.6 against 1$ last week, touching the highest since Jul’18.
Vietnam’s HRC output decreased by 6% y-o-y to 2.88 mn t during Jan-Sep ’20, according to Vietnam Steel Association. The decline was owing to the pandemic.
Outlook – The country’s total crude steel production is expected to reach 18.34 mn t in the year CY ’20, Vietnam Steel Association (VSA) predicts compared to 17.46 mn t in last year.
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