Imported HRC Market in Vietnam Observes Limited Trades

Imported HRC offers from China have moved down this week by USD 10, however offers from India, Japan have remained stable against last week. SteelMint learned from its close sources that Indian mill booked 20,000 MT HRC for exports at USD 465/MT CFR Vietnam last week. Few sources claimed that another deal from India for similar quantity was concluded at USD 460/MT CFR basis for April delivery, however it could not be confirmed.

Thus, bearish sentiments in domestic market shifted focus of Indian steel mills to export HRC to overseas markets. Meanwhile Chinese steel mills further pulled down HRC export offers to Vietnam market on higher inventories and sluggish buying in the domestic market. Also, spread of corona-virus in Vietnam also resulted to weakening HRC offers.

Current imported HRC offers to Vietnam-
-- HRC (SAE 1006, 2mm), China- HRC (SAE 1006, 2mm), China- Benxi is offering at USD 463/MT CFR basis which was at USD 473/MT in the previous week.

-- HRC (SAE 1006, 2mm), Japan- Nippon Steel is offering at USD 470/MT CFR basis unchanged over the previous week's offers.

-- HRC (SAE 1006, 2mm), Japan- JFE is offering at USD 470/MT CFR basis, stable against the prior week.

-- HRC (SAE 1006, 2mm), Japan- Kobe Steel continues to hover at USD 465/MT CFR basis consistent over previous week offers.

--Vietnamese integrated steel producer Formosa Ha Tinh declined HRC (skin pass) prices sharply by USD 40/MT last week and is offering at USD 480/MT CIF Ho Chi Minh.