Imported HRC Offers to Vietnam Move Down Further

In conversation with trade participants based in Vietnam SteelMint learned that imported HRC offers to Vietnam continue to remain on the lower side over cheaper offers from India and Russia.

Currently, Indian steel mills are offering imported HRC (2mm, SAE 1006) at USD 450/MT CFR Vietnam, as against USD 455-460/MT CFR basis at the beginning of this week.

Thus cheaper offers from Indian and Russian steel mills have weighed on imported HRC offers from China.

However, since last week, the production cuts and restocking by traders ahead of China's 70th National Day celebration on 1 Oct'19 have kept the steel prices supported in china.

Current imported HRC offer to Vietnam

1. HRC (SAE 1006) 2-3mm/ Chinese offers- Offers from Chinese steel mills stand around USD 450-460/MT CFR Vietnam which was USD 455-460/MT CFR basis at the beginning of the current week.

2. HRC (SAE 1006) 2-3mm/ South Korean- Hyundai offer is at USD 470/MT CFR Vietnam unchanged over prices at the beginning of the current week.

3. HRC (SAE 1006) 2mm/ Japanese offer- Nippon steel is offering at USD 475/MT CFR basis.

4. HRC (SAE 1006) 2mm/ Russian offer- MMK Steel is offering at USD 446/MT CFR (big coils) and USD 436/MT CFR basis (small coils). At the beginning of this week offers stood at USD 451/MT CFR basis (big coils) and USD 441/MT CFR basis (small coils).

5. Last week a major India based steel mill had booked around 50,000 MT of HRC with Vietnam at USD 455/MT CFR basis for Oct-end and Nov deliveries.

6. As reported by SteelMint on 18 Sep'19- Russian MMK steel had booked around 30,000-40,000/MT of HRC (small coil) at USD 442/MT CFR Ho Chi Minh for exports with Vietnam for Nov delivery.