This week Vietnamese imported HRC market has resumed partially after Tet holidays. Market participants shared very limited HRC offers so far this week. Few traders were heard to have offering Chinese positioned HRC cargoes at USD 510/MT CFR Vietnam.
However, Chinese major mills have delayed resumption of their operations owing to the Coronavirus outbreak, a virus attacking the respiratory system. Assessing the severity of the virus, the Chinese govt announced a lockdown in Wuhan city on 23 Jan. Also, keeping in view the containment of the virus contingent, the Chinese govt has announced an extension of the holidays.
Thus market participants based in Vietnam, shared that, “Customers have adopted a wait and watch approach as market sentiments remain unclear.”
Meanwhile, SteelMint learned from market sources that Indian steel mills are holding offers currently as they have recently announced price hike (of INR 1500-2000/MT) in the domestic market for Feb’20. Last offers from Indian mills were reported at around USD 545-550/MT, CFR Vietnam.
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