Imported HRC Offers to Vietnam Remain Firm

This week imported HRC offers to Vietnam remain firm amid stability in offers from major exporting nations. Since last couple of days, Indian steel mills have significantly dropped their HRC export offers owing to ongoing monsoons and weakening steel prices in the domestic market.

Meanwhile, Chinese steel mills were on holiday amid the Mid-Autumn festival witnessed towards the end of last week.

Current imported HRC offers to Vietnam- Week 38, 2019

1. HRC (SAE 1006) 2-3mm/ Chinese offer- Benxi Steel is at USD 460-465/MT CFR Vietnam.

2. HRC (SAE 1006) 2mm/ Korean offer- Hyundai is offering at USD 475/MT CFR Vietnam.

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

4. HRC (SAE 1006) 2mm/ Russian offer- MMK steel is offering at USD 465/MT CFR Vietnam.

5. HRC (SAE 1006) 2mm/ Indian offer- Indian steel offering at USD 457/MT CFR basis.

6. Towards the end of the previous week, Indian steel mills booked around 1,00,000 MT of HRC with Vietnam at USD 455-460/MT CFR basis for Oct shipments.

7. Vietnam's domestic steel maker Formosa Ha Tinh has slashed its HRC (SAE 1006 skin pass) offers for steel by USD 51/MT and is assessed around USD 480/MT CIF Ho Chi Minh for Nov shipments.