Indian HRC Export Offers to Vietnam Drop by USD 10-15 in Recent Bookings

Indian steel mill has booked HRC cargoes for export to Vietnam for Sep shipments at a price lower by USD 10-15/MT, SteelMint learned from sources

As per an update received, major Indian steelmaker booked around 60,000 MT of HRC (position cargoes) with Vietnam end users at around USD 475/MT CFR Vietnam for Sep shipments. Thus nation's HRC export offers declined by USD 15/MT against previous booking.

Prior this, few positioned cargoes have been booked by major Indian steel mills in the beginning of this month with end users based in Vietnam at around USD 490-495/MT CFR basis for Aug shipments.

Thus Indian HRC export offers witness continual decline over significant fall in steel prices in domestic market.Thus Vietnam buyers are attracted towards cheaper HRC offers from major steel mills in India over China for Sep shipments.

Imported HRC offers to Vietnam from China remain steady- This week Imported HRC offers to Vietnam from China remain steady against previous week over softening demand

Current HRC trades to Vietnam- Week 33,2019
1.HRC (SAE 1006) 2-3mm/Chinese offer- Benxi Steel is at USD 488/MT CFR Vietnam.

2.HRC (SAE 1006) 2-3mm/Chinese offer- Laiwu Steel is at USD 485/MT CFR Vietnam.

3.HRC (SAE 1006) 2-3mm/Indian offers - Indian steel mills at USD 475/MT CFR Vietnam.

4.Formosa is likely to revise its monthly HRC prices shortly for sep shipments.