Indian HRC export offers to Vietnam declined further by USD 10- 15/MT as traders are short selling the material and trying to conclude deals at USD 435-440/MT CFR basis, shared by Vietnam sources. Last week traders heard short selling Indian HRC at USD 450/MT, CFR for end April -May shipments
Increasing intensity of COVID 19 and lockdown in various countries as a precautionary measure has resulted to depreciation of INR against USD. INR is trading at 76.4 against USD which was at 74 a week back. This has led to decline in HRC export offers to Vietnam.
Meanwhile Chinese steel mills are also eyeing to reduce their HRC export offers and offering at USD 440/MT FoB basis.Thus, post announcement of increase tax rebate allows Chinese steelmakers to reduce offers and stimulate trading in overseas markets.
Current imported HRC offers to Vietnam-
— HRC (SAE 1006, 2mm), China- Rizhao steel is offering at USD 450-455/MT CFR basis.
— HRC (SAE 1006, 2mm), South Korea- Hyundai Steel is offering at USD 460/MT CFR basis.
— HRC (SAE 1006, 2mm), Japan- Nippon Steel is offering at USD 465/MT CFR basis, stable against the offer at the end of the previous week.
— HRC (SAE 1006, 2mm), Japan- JFE is offering at USD 465/MT CFR basis, stable against the offer at the end of the previous week.
—- HRC (SAE 1006, 2mm, small coil) Ukraine- Metinvest is offering at USD 425-430/MT CFR basis. Last week the offers were in range of 440/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